Farmers to pay more for feed

The price of animal feed products from Pinnacle Feeds Ltd (PFL) will increase by about eight per cent from next month.

The company released a statement on Wednesday advising that because of the ongoing Russia-Ukraine war and the absence of price support from the Government, it has been forced to raise prices.

“With the price support from the Government having ended in February 2023, we are no longer able to absorb the raw material price increases and must adjust our prices if the company is to remain viable and continue to support our local community,” it said.

“Effective Wednesday, 15th March 2023, PFL will therefore be adjusting the price of its feed products by an average of eight per cent over existing prices. The increase may vary slightly by feed type.”

Pinnacle said it had been trying to contain costs over the past three years while grain prices doubled.

“The company implemented several initiatives to reduce internal costs by focusing on plant efficiency and energy conservation. Additionally, we have been procuring grain months in advance when prices are lower while also exploring sources out of Argentina and Brazil, all in an effort to reduce the impact on our customers,” it said.

Efforts to reach chief executive officer of the Barbados Agricultural Society (BAS) James Paul for a response to the feed price announcement were unsuccessful.

However, Barbados TODAY understands that stakeholders in the industry are scheduled to meet with Ministry of Agriculture officials next week to discuss feed prices and other related issues.

(SB)