On October 24, the Eastern Caribbean Group of Companies (ECGC) announced a 5 to 10 percent reduction in the price of its flour products across the OECS and Barbados.
According to ECGC, both its bulk flour and retail-packaged flour sold in supermarkets across the OECS will see lower prices.
Two of the ECGC’s major brands, Cream of the Islands and CariGold, will have their 100lb bags reduced by an average of XCD $6 to XCD $10 across its markets, the ECGC reported.
Other ECGC flour brands include Easy Bake, Purity, and Nelson.
Buyers can expect retail prices to drop by an average of 10 cents per pound on ECGC produced flour available in local, community stores. Premium packaged brands are anticipated to reflect a reduction of 30 to 90 cents on supermarket shelves.
The company described this price decrease as an “independence gift,” as St. Vincent & the Grenadines observed its independence on October 27, with Antigua & Barbuda, Dominica, and Barbados observing theirs on November 1, November 2, and November 30, respectively.
Robert Cato, ECGC’s Chief Executive Officer, stated that improved efficiency, recent capital investments, and favourable market conditions made the price adjustment feasible. “Lower flour prices enhance affordability for families, promotes local businesses in the OECS, and ultimately fuels growth in our economies,” Cato said.
The company emphasised that it remains vigilant about global market dynamics, including geopolitical conflicts in key wheat-producing regions.
The price reduction took effect on 25 October in Saint Vincent & the Grenadines, where the company is based, and will be effective on 1 November in other OECS countries and Barbados.
The countries benefiting from ECGC flour price reductions include the British Virgin Islands, Grenada, Saint Lucia, Saint Kitts and Nevis, Montserrat and Carriacou.Regarding the price decrease, Phil Henderson, Public Relations Officer of the National Consumer Association of Saint Lucia shared this statement with the St. Lucia Times:
The National Consumer Association of Saint Lucia (NCA) applauds the recent announcement by the East Caribbean Group of Companies (ECGC) to reduce flour prices by up to 10% across the OECS.
As we are taught, flour is a staple commodity in the diets of many Saint Lucians, this price reduction is a significant development aimed to ease the financial burden on consumers, especially in the face of rising living costs, inflation, price gouging, unscrupulous suppliers and general economic challenges. The timing of this reduction is particularly welcomed, coming just before the Christmas season when consumer spending typically reaches its peak for the year. This move will undoubtedly provide at least some relief to households during the festive period.
We strongly urge all local distributors and retailers to pass on these savings directly to consumers without delay. In particular, where applicable, we encourage bakeries, supermarkets, and other suppliers of flour-based products to reflect these reduced costs in their pricing. Ensuring that consumers fully benefit from the decrease in flour prices is especially important as families prepare for Christmas celebrations and associated expenditures.
It is imperative that the intended benefits of this price reduction reach the consumer to foster trust and fairness in the marketplace.
The NCA will continue to be vigilant in monitoring consumer related interests and as per usual, I encourage consumers to report discrepancies with suppliers to the NCA or the consumer affairs department to find a quick and amicable form of redress.
This development aligns with the NCA’s mission to advocate for consumer rights and promote fair trade practices. The NCA, having recently elected a new Executive to serve consumer interests of Saint Lucia, we will remain committed to engaging stakeholders, educating the public, addressing complaints and empowering consumers so we can collectively champion consumer interests.
The NCA commends ECGC for this proactive step towards supporting consumers and contributing to economic stability within the OECS region. The timing of this price reduction is fortuitous, offering some financial relief as families prepare for the Christmas season.
We look forward to seeing the positive impacts of this price reduction and will continue our efforts to ensure that the rights and interests of Saint Lucian consumers are protected and advanced.
