Agriculture Ministry projecting reduction in costs of agricultural produce amidst fall in fertilizer price
Agriculture Minister Pearnel Charles Jr is projecting that the country will see a reduction in the cost of agricultural produce in a few months.
This, as he announced a 4.5 per cent reduction in fertilizer costs, effective yesterday (June 23).
Mr Charles Jr noted that this reduction follows another which was applied last month.
Fertilizer prices have been increasing globally due to the ongoing Russia/Ukraine war.
Speaking on the expected impact of the reductions, the Agriculture Minister noted that the effect on prices would not be immediate, given the crop cycle.
Meantime, the Jamaica Agricultural Society (JAS) says the reduction is likely to be seen in cash crops first as these have a shorter life cycle.
JAS President Lenworth Fulton confirms that a total reduction of 18.5 per cent has been implemented on most fertilizer grades.
He notes that vegetables and fast-growing crops will be impacted by the lower prices for fertilizer first.