According to a recent announcement by the Jamaica Broilers Group, customers may expect to spend less on its Best Dressed Chicken.
At the end of January, amid the rise in inflation, Jamaica Broilers announced a 10% rise in chicken prices, while Jamaica’s other major local producer, Caribbean Broilers, announced a six-to-eight-percent price increase in February. Jamaica Broilers recently announced that effective August 18, pricing for The Best Dressed Chicken Grade-A Whole Bird and mixed parts will be cut by $12.50 per kilo, offering a brief reprieve amid the struggling economy.
The corporation attributes the reduction to the current stability of the grain supply, the cost of shipping, and foreign exchange. President and chief executive officer of the Jamaica Broilers Group, Christopher Levy, noted that the company would continue to assess its pricing as circumstances change.
“It is a very good economic signal that we are able to implement a price reduction at this time. As always, we will continue to review our prices as conditions evolve,” Levy stated.
The prolonged presence of the COVID-19 pandemic has had a significant effect on shipping and logistics, causing delays and price increases. The ongoing conflict between Ukraine and Russia, which has severely impacted the world’s supply of grains, has worsened the situation, with Russia preventing Ukrainian ships from leaving the Black Sea.
However, Ukraine, Russia, Turkey, and the United Nations inked a deal in late July that made it easier for Ukraine to export its essential goods. Both Russia and Ukraine play vital roles in the supply of grain, with their actions having major ripple effects across the world.