Price reduction | Drop in retail prices of milk powder from today
15 September, 2023, 4:35 pm
Consumers will now have to pay a little less for the prices of two prominent milk powder brands after the Fijian Competition and Consumer Commission (FCCC) announced the reductions yesterday.
The new prices for Red Cow Instant Full Cream Milk Powder and Punjas Instant Milk Powder comes into effect from today.
In a media release issued yesterday evening the FCCC said the price adjustments was a direct response to the Fonterra Co-operative Group reduction of its 2023/20241 season Farmgate Milk Price as announced on August 18, 2023.
It said the Global Dairy Trade (GDT) prices had fallen sharply with the overall index down 16 per cent over the period — specifically, whole milk powder prices fell by 10.9 per cent.
According to the commission the reduced demand from major key importing regions for whole milk powder continues to weigh on prices.
It said as Fiji sourced its milk product from New Zealand, these factors prompted FCCC’s recent review of the prices of Instant Full Cream Milk Powder for recent shipments of selected brands.
With Fonterra projecting a lower price, the commission said it was expected to have a positive ripple effect on other milk providers in the region, as Fonterra played a significant role in the Asia-Pacific market.
FCCC remains vigilant and committed to closely monitor local market fluctuations, ensuring that any price adjustments are promptly and fairly reflected in our local market.