FTC weighs in on meat price increases

The Fair Trading Commission (FTC) is concerned about the apparent “collusive” approach among some businesses to increase prices on poultry products.

In a brief statement on Wednesday, the agency which promotes fair competition and consumers’ rights said it had not made any recommendation to hike the price of poultry.

The FTC was responding to an article in another section of the Press which quoted several fast food restaurant operators as saying they would have no choice but to raise the prices of some of their items as a result of pending increases in the cost of poultry and pork products.

“Competition law and policy do not support conduct that may be construed as collusive. In this regard, the statement attributed to the interviewees regarding a planned collective approach to address the issue of the increase in poultry prices is concerning,” the FTC said.

“The Commission wishes to highlight that it has not made any recommendation to mark up the price of poultry. Competition law and policy suggest that the market, through competitive forces, should influence conditions including the price of goods and services. The Commission’s role is to ensure a level competitive playing field as well as ensure that competitive forces do not restrict competition,” it added.

The announcement about the hike in poultry and poultry product prices came on the heels of the island’s sole feed company Pinnacle Feeds Ltd increasing the price of feed earlier this month, blaming it on the rise in the cost of grain internationally. (MM)