The Government of Grenada has expressed concern about Caribbean Agro Industries’ decision to effect price increases during the COVID-19 pandemic, against the advice of the Ministry of Trade, Industry and Consumer Affairs.
In particular, the Grenada Government said it raised concern about Caribbean Agro Industries increasing the cost for flour and animal feed and, as a result asked the company to maintain prices at their current levels.
With over forty years operating in Grenada, Caribbean Agro Industries Limited manufactures both bakery and counter flour in both large and retail-pack sizes, as well as a variety of animal feeds for poultry, pigs, and rabbits. The company is part of the US-based ADM group.
According to a release, the Government said it is “also concerned that increasing the price of basic commodity items will exacerbate the social and economic challenges confronting families, as many are already dealing with reduced income and loss of jobs because of the pandemic.”
Moreover, the Grenadian authorities assert that the implementation of the price hike will create additional hardship for Grenadians at this time, as well as negatively affect the growth and development of the poultry sector.
Industry officials, in like manner, had expressed concern about the impact of the monopoly on the development of the poultry sector and the increased cost of feed will make it more difficult to generate the jobs and the production capacity that will foster the growth of the industry.
“…[I]ncreasing the price of basic commodity items will exacerbate the social and economic challenges confronting families, as many are already dealing with reduced income and loss of jobs because of the pandemic.”
“Government assures the general public that it will do whatever it can to remedy the situation,” the Government-issued release stated.
“A Cabinet sub-committee in collaboration with the Ministry of Trade, Industry and Consumer Affairs will convene a meeting this week with Caribbean Agro Industries to deal with the issue,” it ended.