Source : Loop
The St. Vincent-based Eastern Caribbean Group of Companies (ECGC) has announced a five to 10 per cent reduction in the price of flour sold in several Caribbean countries.
In a statement, the ECGC, founded in 1977, said the reduction is an independence gift to Antigua and Barbuda, Barbados, Dominica, Grenada, St Lucia, St Kitts-Nevis, St Vincent and the Grenadines, Montserrat, British Virgin Islands and Anguilla. It said the price reduction goes into effect on Friday in Kingstown and on November 1 in the other islands.
“The price reduction is expected to benefit consumers, bakeries, and businesses throughout the region,” the ECGC said, noting that prices across the Organisation of Eastern Caribbean States (OECS) will be lowered on both bulk flour and the retail packaged flour sold in supermarkets.
The price of a 100 lb-sack of flour will fall by between six and 10 EC dollars (One EC dollar=US$0.37 cents), ECGC said, adding that “consumers will now see the retail prices drop by an average of EC 0.10 cents per pound on the popular bagged out flour sold in their community stores…”
At the same time, premium packaged brands will reflect an EC$0.30 to EC$0.90-cent decrease on the supermarket shelf.
The company said this strategic price adjustment aligns with the independence celebrations of OECS member states, with St Vincent and the Grenadines celebrating 45 years of political independence from Britain on Sunday, followed by Antigua and Barbuda on November 1, Dominica two days later and Barbados on November 30.
ECGC chief executive officer, J. Robert Cato, said the price reduction was made possible by recent capital investments in the business, improved efficiency, and favourable market conditions.
“This reduction speaks to our commitment to communities across the OECS islands and Barbados while we continue to provide the best high-quality Flour. Lower flour prices enhance affordability for families, promote local businesses in the OECS, and ultimately fuel growth in our economies,” Cato said.
ECGC said it remains vigilant about global market dynamics, including geopolitical conflicts in key wheat-producing regions, adding, “Despite these challenges, the company is committed to giving back”.
Cato added, “At ECGC, we still face inflationary headwinds around other costs, specifically labour, energy, freight and natural disasters, yet we are very clear that this price reduction on ECGC Flour is the absolute right thing to do, businesses must give back to our communities and now is a great time”.