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Kingston, Jamaica – Senator the Honourable Aubyn Hill, Minister of Industry, Investment and Commerce has welcomed the reduction in price announced by Restaurants of Jamaica, operators of KFC for some of its products. The Minister said the reduction is appropriate given a similar announcement issued last month by the Jamaica Broilers Group.
“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,” the Minister said. “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.”
The Minister noted that supply chains are stabilizing 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,” the Minister 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.
Welcome to the official website of the Ministry of Industry, Investment and Commerce.
The Ministry of Industry, Investment and Commerce is described as Jamaica's "Business Ministry." It's mandate is to lead the development of policies that will create growth and jobs, while achieving social inclusion and consumer protection. The Ministry, working its stakeholders is primarily responsible for business policy development, monitoring and evaluation, while giving direction and oversight to a cluster of implementing departments and agencies.
We have, therefore, placed much energy and enthusiasm into the development of this website to provide timely information on the Ministry, our agencies and programmes.
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