Food Reserve to cause price drop in commodities

 Luanda - The main products of the Basic Food Basket will register a generalised drop of 39.7%, from 11 to 17 July this year, compared to November of last year, due to the activation of the Strategic Food Reserve (REA).

Special emphasis goes to wheat flour which is falling to 64.2% and maize flour to 56.5%, as prices on the international market fell by 0.5% during the week under assessment.

 

According to the reference prices of the Basic Food Basket, it is foreseen that the price of a 25 kg bag of wheat flour, which in November 2021 was costing 23.33 kwanzas, went down to 8.250 kwanzas.

 

Maize flour went from 13.800 to 6.000 kwanzas.

 

The price of 50 kg of sugar, which was costing kz 24.200 is now at 18.950 kwanzas, 25 kg bag of Thai rice went from kz 11.737 to 7.000 kwanzas, while 25 kg bag of Myanmar rice went from 10.000 kwanzas to 6.600 kwanzas.

 

The price of 12 litres of soya oil, which in November 2021 was 11.200 kwanzas, is now 11.100 kwanzas, while 25 kg of Pinto beans went down from 24.000 kwanzas to 16.000 kwanzas.

 

A box of 10 kg of chicken thighs went down from 10.190 to 7.100 kwanzas.

 

The Strategic Food Reserve (REA) is an initiative of the Government that aims to regulate the market and influence the lowering of prices of essential food products that make up the Basic Food Basket.

 

Among the products made available immediately are sugar, rice and chicken thigh.

 

Therefore, REA will guarantee the acquisition, storage and distribution of over 520,000 tonnes of food products, part of which are already produced and transformed locally in job-generating industries, with an expected impact on price reductions of around 5% to the final consumer.