FTC Tackles Rising Meat Prices
The Fair Trading Commission (FTC) is concerned about the apparent “collusive” approach of some companies to raise the prices of poultry products.
In a brief statement Wednesday, the agency that promotes fair competition and consumer rights said it had made no recommendations to increase the price of poultry.
The FTC was responding to an article in another section of the press that quoted several fast food operators saying they would have no choice but to increase the prices of some of their items due to impending cost increases. poultry and pork. some products.
“Competition law and policy do not support conduct that can be interpreted as collusive. In this regard, the statement attributed to respondents regarding a planned collective approach to address the problem of rising poultry prices is of concern, ”the FTC said.
“The Commission would like to stress that it made no recommendation to increase 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 role of the Commission is to ensure a level playing field and to ensure that competitive forces do not restrict competition, ”he added.
The news of higher prices for poultry and poultry products follows the increase in feed prices earlier this month, with the island’s only feed company, Pinnacle Feeds Ltd, blaming the rising cost of grain internationally. (MM)