The monopoly feed company that raised prices more than a quarter this week insisted Friday that it is trying to shield farmers and consumers from multiple rises in the price of raw materials globally.
The 26 per cent rise in the price of animal feed has sent shockwaves through the farming and food production community, sparking fears of a knock-on effect on poultry, fresh meat and meat products prices.
In a press statement, director of Roberts Manufacturing and Pinnacle Feeds, Jason Sambrano, said the new increase in feed prices had been made responsibly.
He said they weighed all factors as the company understands the impact it has on farmers and the Barbadian consumer. But increases in global costs have resulted in the company having to raise the prices of animal feed, he said.
Sambrano said: “In terms of the recent price adjustment Pinnacle Feeds approaches this in a responsible manner. If one looks at the history of our price adjustments you will see the last increase was in 2012, then it was followed by three price decreases for the period 2013-2014.
“So you can see that over the last decade we have actually tried to reduce the price of animal feed and maintain a level of stability within the market in terms of pricing and I think this is a testament to show that the company is very responsible in how we approach our pricing strategies and the impact is may have on the Barbadian consumer.”
Minister of Agriculture Indar Weir who on Wednesday served notice that no monopolies in the market will be supported, held a meeting that same day with Pinnacle Feeds to discuss the price increases.
Sambrano also pointed out that having to raise the price of animal feed on Monday was a decision not taken lightly but took into account its “team members and their customers”.
He said: “There have been unprecedented increases in the price of raw materials over the past several months, which has been driven by reduced soybean yields due to climate issues, increased transportation cost and increased labour costs.
“Key raw materials like corn and soybeans have both increased significantly and are still 55 percent and 60 higher than they were this time last year.
“The Government of Barbados provided a level of price support for the period of May-July 2021, with the hope that there would be a downward shift of world market prices but grain is still trading at elevated levels.”
He said Pinnacle’s priority is to maintain its 180 jobs. He said staff are working tirelessly to ensure that customers can maintain their input, and thanked them for keeping its operations running during the pandemic
Sambrano said that the company will continue to work closely with the livestock industry to ensure it is sustainable for farmers and delivers value to consumers.
“Because of the position we hold within the industry we need to make sure there is an adequate supply of grain and animal feed on island to ensure there is a stable supply of product on the island and a safe level of food security is maintained,” he said. (AH)
