Prepare to pay more for Rewa Butter from today as the procurement cost has increased by about 20 percent.
The Fijian Competition and Consumer Commission has determined the new retail prices for Rewa Butter, effective from today as a result of the price review of Rewa Butter undertaken by FCCC based on submissions received by the importer, following an average increase in the landing cost of bulk raw butter by 10 percent, when compared to its last assessment last month.
The FCCC says as a part of this price review, a quarter pound or 125g now costs 30 cents more at $3.51 with the 250g increasing by 9 percent to $7 while the 500g is now $13.94.
They say it is important to recognize that the local butter prices are influenced by procurement costs such as the cost of imported raw materials.
FCCC says in this assessment, the procurement costs had increased on average by 20 percent.
They say based on recent submissions received, the current trade trends indicate an upward growth in the global butter and milk markets for New Zealand and Australia, as they are our main sources of import.
FCCC says these increases are reflected in the recent submissions made by the importers which FCCC has been closely reviewing.
