Flour prices to drop from today

Some good news for people as the price of flour will drop by 5 percent from today.

The 10kg flour pack will go down by $1.02 to $17.95, the 5kg flour will drop to $9.07 while the 4kg pack will go down to $7.29.

The 2kg pack will cost you $3.65 and the 1kg pack will cost $1.85.

The Fijian Competition and Consumer Commission says as importer of wheat, prices of wheat are dependent on the movement of international wheat prices, which they continue to monitor through the published prices from Viterra Australia Pty Ltd.

They say favourable trends have been noted since July to September this year, which eventually reflected in the third quarter price restatement.

FCCC says this can be attributed to the successful movement of cargo from Ukraine via the humanitarian corridor.

It adds the Russia-Ukraine conflict has been the main reason for the earlier hike in prices, as both countries supply more than a quarter of the world's wheat.

The Commission says its independent assessment and verifications have noted a decrease in wheat prices by close to 5 percent which is sourced from the decrease in international wheat prices.

FCCC further says they have also factored in the movement of the USD currency which is also a factor that impacts trading commodity prices.

CEO Joel Abraham says the reduction in price is a promising development for people who have been experiencing the effects of global inflation.

He adds the FCCC Enforcement Team will continue to conduct inspections to ensure that the new prices are being reflected by traders and the benefits of price reductions are passed on to consumers.

Abraham says they will closely monitor movements in the international wheat market and ensure its reflected accordingly in the domestic market.