Basic foods to come down by 11% average |25 April 2009

In line with the STC’s continuing price review of basic food products, the next periodic revision – scheduled for May 1 – has been brought forward.

This review, which takes effect from Monday April 27, is for a guaranteed period of three months until July 31, to bring stability.

The STC reminds the public that the prices of food commodities can go up as well as down. Whenever the combined effect of the factors influencing the costs shows a decrease, it will pass the benefit on to the public, as it has done in this review.

The final costs of foods are influenced by four major factors – world market prices at origin, local exchange rates for currencies in which the products are priced, freight and insurance rates to bring the goods to Seychelles, and various local costs after arrival.

The STC’s mission remains unchanged – to ensure there are basic food products in the country, of good quality, and at reasonable and stable prices for the average household.

It said in a statement it will continue to support the government’s efforts to anchor household expenses on foods.