Consumers of flour produced by the Eastern Caribbean Group of Companies (ECGC) will save on the staple as the company has announced a 5-10% reduction in price across several countries, including St. Vincent and the Grenadines (SVG).
The company said on Thursday that it was giving an independence gift to the OECS states with the price reduction taking effect on today (Friday) in SVG and Nov. 1 in other OECS countries and Barbados.
“The price reduction is expected to benefit consumers, bakeries, and businesses throughout the region,” the release said.
ECGC said prices across the OECS will be lowered on both bulk flour and the retail packaged flour sold in supermarkets.
The price of a 100lb-sack of flour will fall by between EC$6 and EC$10 across ECGC market, the release said.
“Consumers will now see the retail prices drop by an average of 10 cents per pound on the popular bagged out flour sold in their community stores…”
At the same time, premium packaged brands will reflect a 30 to 90-cent decrease on the supermarket shelf.
The company said this strategic price adjustment aligns with the independence celebrations of OECS member states, with SVG’s celebrating 45 years of independence on Sunday, Antigua and Barbuda on Nov. 1, Dominica on Nov. 3, and Barbados on Nov. 30.
The countries, set to benefit from ECGC flour price reductions are
British Virgin Islands, Grenada, St. Lucia, St. Kitts and Nevis, Montserrat and Carriacou will also benefit from the price reduction.
ECGC CEO 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, enhances affordability for families, promotes local businesses in the OECS, and ultimately fuels growth in our economies,” Cato said.
ECGC said it remains vigilant about global market dynamics, including geopolitical conflicts in key wheat-producing regions.
“Despite these challenges, the company is committed to giving back to the Caribbean,” a press release further stated.
Cato said: “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.”
Very nice…and binding