By LEISELLE MARAJ Friday, October 9 2009

COME October 14, the rice price will be right for many consumers as the country’s main importer of rice — JMH Enterprise Limited — yesterday announced a reduction by 23 percent in the wholesale price of its Par Excellence brand.

According to a media release issued by JMH Managing Director, Charles James, the cost of a bale of one kilogramme pack of rice, with 20 packs in one bale, will now be $136. The wholesale price of one pack is now $6.80 which meant consumers may pay between $7.48 and $8.16 retail once the reduction is implemented.

A bale of ten packs, with each pack of rice weighing two kilogrammes, will cost $135. With the suggested retail price being anywhere between $14.85 and $16.20. Four kilogramme bags in a bale of five packs will also be priced at $135 which means a suggested retail price of between $29.70 and $32.40. Three packs weighing nine kilogrammes each will be priced at $183.60 which means consumers may now pay between $67.32 and $73.44 for one 9kg pack.

This reduction will place prices of the Par Excellence brand of rice below the average price of its competitors’ brands in supermarkets.

In a letter to Legal and Consumer Affairs Minister Peter Taylor, James explained that he was able to negotiate a favourable price for rice on behalf of Trinidad and Tobago since he is a member of the World Rice Congress.

He said this reduction impacts directly on Par Excellence consumers and added, “We must be mindful that rice is a basic food item and needs to be made affordable and therefore accessible to every household. Please be informed however, that continued increases in foreign exchange rates would inevitably result in increased commodity prices.

“In addition, based on the source of our supply, JMH is required to pay 25 percent Common External Tariff on all imports.” James said despite these limitations, JMH will reduce their prices and hopes to keep prices down into the upcoming Christmas season.