In a Media Release from KC Confectionery Limited on Thursday (30th September 2021), the company said they have no other choice but to adjust selling prices, effective from 1st October 2021, due to rising input costs. The increase in prices by KC comes a few days after Kiss Baking Company Limited also announced a price hike for several of its products.
Chief Executive Officer of KC, Dr. Rollin Bertrand, said on Thursday, “As you are aware the COVID-19 Pandemic has significantly disrupted lives and livelihoods all over the world as well as our beloved country of Trinidad and Tobago, severely impacting supply chains, labour, freight, shipping charges and material costs.”
CEO Bertrand added, “Despite these multiple challenges, KC Confectionery Limited absorbed these increase costs while continuing to supply high-quality products at prevailing market pricing, by constantly optimizing its business processes.”
The company noted that over this period, all of their raw material pricing were increased and this month they were advised of a 90% increase in one of its major raw material inputs, due to shortages and logistic disruptions brought on by the Pandemic.
Dr. Bertrand said, “Therefore, despite our best well-intentioned efforts, we can no longer absorb these increasing cost and regrettably have no other choice but to adjust our selling prices effective 1st October, 2021.”
The Media Release concluded by saying, “We thank you for your loyalty and partnership and look forward to your continued support, whilst we partner together to overcome this worldwide challenge.”
Their new selling prices were not revealed in this Media Release.
This is a developing story - refresh this page for updates.
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