Monrovia, Liberia – July 1, 2024

The Ministry of Commerce and Industry is pleased to announce reductions in the prices of steel rods, flour, and eggs on the Liberian market. These price adjustments are part of the government's ongoing efforts to alleviate the financial burden on consumers and bolster local industry capabilities.

To achieve this new set of price reductions, the ministry under the leadership of Minister Amin Modad, successfully engaged with local industry stakeholders to address operational cost challenges and reduce market prices. These discussions, involving key industry players like Sethi Brothers Inc., Modern Mills of Liberia, and Liberian American Poultry, Inc. have led to agreements to lower prices for essential commodities such as steel rods, flour, and eggs.

Details of the New Pricing Structure Effective July 1, 2024:

Steel Rod Prices: The prices of various sizes of steel rods have been reduced by up to $0.70 per rod, depending on the size. The new prices are as follows:

• Steel Rod 8 mm x 9        mtr: Reduced from $5.25 to $5.15
• Steel Rod 8 mm x 10.5   mtr: Reduced from $6.10 to $6.00
• Steel Rod 10 mm x 10.5 mtr: Reduced from $8.45 to $8.20
• Steel Rod 11 mm x 10.5 mtr: Reduced from $9.45 to $9.25
• Steel Rod 12 mm x 10.5 mtr: Reduced from $12.85 to $12.50
• Steel Rod 13 mm x 10.5 mtr: Reduced from $16.10 to $15.75
• Steel Rod 14 mm x 10.5 mtr: Reduced from $17.35 to $16.95
• Steel Rod 16 mm x 11    mtr: Reduced from $23.95 to $23.50
• Steel Rod 20 mm x 11    mtr: Reduced from $39.70 to $39.00

Flour Prices: Modern Mills of Liberia has announced reductions in the prices of various types of flour. The new prices are as follows:

• FAB Flour (100 Lbs): Reduced from $44.00 to $41.00
• FAB Flour (50 Lbs): Reduced from $22.00 to $20.50
• FAB Flour (25 Lbs): Reduced from $11.00 to $10.25
• Lion (100 Lbs): Reduced from $44.00 to $40.00
• Lion (50 Lbs): Reduced from $22.00 to $20.50
• Lion (25 Lbs): Reduced from $11.00 to $10.00

Egg Prices: In fulfillment of the agreement reached with MOCI, Liberian American Poultry, Inc. has also announced reductions in the prices of eggs. The new prices are as follows:

• Large Eggs: Reduced from $54.00-$52.00 to $50.00 per carton
• Small Eggs: Reduced from $45.00-$44.00 to $42.00 per carton

These price reductions are expected to lower the cost of living, increase consumer purchasing power, and stimulate economic activity and making essential commodities more affordable and accessible to the general public.

The Ministry of Commerce and Industry is currently in discussions with local manufacturers, importers, and supermarkets to reduce or stabilize market prices of essential commodities. Once agreements are reached, the Ministry will announce these price reductions.

In addition, the Ministry is developing programs to support local production through non-fiscal incentives and will closely monitor these initiatives to ensure compliance and market stability.

The MOCI remains committed to implementing measures that stimulate sustainable economic growth, particularly through local value addition, with the goal of improving the standard of living for all Liberians.