Commerce Minister says KFC price cut a good move for consumers
Industry and Commerce Minister Aubyn Hill is welcoming the reduction in price announced by Restaurants of Jamaica, operators of KFC, for some of its products.
In a statement on Friday, KFC disclosed that the rollback took effect last week and applies to chicken-on-the-bone products.
The prices of its zinger, popcorn chicken, hot wings and krispers remain unchanged.
Hill says the price cut by KFC is appropriate given a similar announcement issued last month by the Jamaica Broilers Group.
At that time, the company announced that the prices for The Best Dressed Chicken Grade-A Whole Bird and mixed parts will be reduced by $12.50 per kilo.
“I have no doubt that many Jamaicans will welcome this response by KFC, which is how reasonable business operators function in a free market economy. Where there is a reduction in the cost of items anywhere in the value chain, consumers should feel the difference in their pockets,” said Hill in a statement today.
“I commend KFC for their swift action and anticipate that others in the business community will make similar price adjustments that can have a positive impact on the general cost of living for many Jamaicans,” he added.
The industry and commerce minister noted that supply chains are stabilising and moving back to normal, resulting in a downward trend in container prices and leasing rates.
He referenced the UN Food Prices Index which shows a fifth consecutive month of price reductions for commodities such as wheat and flour.
Supply and demand are starting to balance out amid the global economic slowdown.
“The Consumer Affairs Commission and I are expecting to see these price reductions passed on to Jamaican consumers by distributors and manufacturers. This would help to ease the burden on many Jamaicans which is the right thing to do,” Hill said.
He outlined data from a Don Anderson poll for the March 2022 quarter which showed that business confidence in Jamaica remains stable and assured that his Ministry will continue to support the creation of an even more enabling business environment for all Jamaicans.
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