ADVISORY
Price of Flour to Increase by 4%
Friday, 8 December 2023
The Fijian Competition and Consumer Commission (FCCC) has determined an upcoming 4% increase in flour prices, effective from Friday, 08 December 2023. This decision follows FCCC’s review of wheat prices for the second quarter of 2023, revealing rising costs in production.
Price Changes at Retail Level VEP (Retail Prices)
As Fiji imports wheat, local prices are influenced by the global wheat market and FCCC regularly monitors international wheat prices through the published prices from Viterra Australia Pty Ltd1 as part of its determination.
Wheat product refers to the raw materials which are milled and manufactured locally for the production of flour and sharp.
The increase in price is attributed to the increase in milling and production costs for the period despite the slight decrease in cost of raw material for the second quarter (Apr/May/Jun 2023). FCCC’s independent assessments resulted in an average increase in flour and sharp price by 4% attributed by the increase in milling and production costs and the continued strengthened of the USD currency.
FCCC’s mandate as a market regulator is ensuring that the product manufactured sustains its supplies and at the same time is affordable to consumers. Sustainability in this case is ensuring that millers also achieve their return on investment carried out for the past ten(10) years.
Fiji operates as a price taker within the global market, meaning that the impending price increase is a result of external factors beyond the reasonable control of the FCCC. As a nation reliant on global pricing structures, Fiji’s market is susceptible to fluctuations dictated by international dynamics, thereby influencing local prices.
Despite this limitation, FCCC remains committed to actively monitoring these external market forces and will endeavor to adjust prices accordingly within the constraints of the global market scenario.
About FCCC: FCCC is Fiji’s sole consumer protection enforcement agency, mandated to enforce fair trading, competition, and consumer protection laws in Fiji. FCCC remains committed to ensuring that consumers are protected from unfair business practices, and businesses operate within fair and ethical standards.
For more information/details on this, please contact us on our Facebook page https://www.facebook.com/FijianCCC , or on our website https://fccc.gov.fj/ or on 8921991.
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For media queries please contact:
Jai Krisn Kumar | Senior Communications Officer
Mobile: +679 9983077 | jai.kumar@fccc.gov.fj
