Jamaica Broilers has confirmed that there has been an increase in the prices of its chicken meat. The company says since last week, retailers and wholesales have seen a three per cent increase.
Ian Parsard, Senior Vice President of Finance and Operations at Jamaica Broilers, says several factors including inflation and packaging costs increasing by 17 per cent over the last two years resulted in the decision.
"We struggled for a long time with this particular decision because we do empathise with our customers; we know the challenges that they face and this has really come about because we have had a tipping point of a couple of things happening.
"Recently, you would have seen the slide in the dollar from 120:1 to 126:1 or so, coupled with the fact that the we have had to increase the rates to our truckers as well, a more direct response in relation to the increase in gas tax," he explained.
The company last increased the price of its chicken meat in April 2014.
On Monday, Caribbean Broilers said it was not considering a price adjustment at this time, but pointed out that this may change due to the continued depreciation of the Jamaican dollar against the US currency.
In the meantime, Mr. Parsard says currency stability and low inflation are key in helping businesses maintain their cost structure. He says he understands that the government has various pressures, but it would be appreciated by the consuming public and companies if tis could be achieved.
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