Pinnacle Feeds on Thursday announced a further three per cent reduction in the price of its animal feed products.
The company said the price cut, which will take effect on November 1, is in keeping with its commitment to pass on price reductions to customers following continued modest decreases in international grain prices.
Managing Director Rakeesh Bernard said that while these reductions had not entirely offset the effects of the global grain price inflation that occurred in previous years, he was happy to see prices trending in a direction that would be welcomed by all stakeholders in the agricultural community.
“We are committed to passing on these savings to our customers whenever possible, and we will continue to monitor global commodity prices closely and make adjustments accordingly if international prices continue to trend downwards,” he said.
“Our focus remains on manufacturing the highest quality antibiotics-free animal feed products at affordable prices, so we are pleased to see our customers and the entire country benefit from these price reductions.”
Bernard said while the decreases in international grain prices over the past few months could be considered modest when viewed separately, the cumulative effect over time will significantly benefit the farming community and consumers.
This latest reduction follows two cuts last year — a two per cent drop in August, followed by a further three per cent drop in October.
Feed prices have now fallen by eight per cent in just over 12 months and are back to where they were in 2022, Pinnacle Feeds noted. (PR/BT)
