FAIRTRADE REVISES BANANA PRICES
16.11.2010 - In the attempt to improve producers' incomes vis-รก-vis supermarkets' practice of slashing banana prices to attracts people to their stores, the Fairtrade Labelling Organisations International (FLO e.V.) has raised by 1,56% the Minimum Price of Fairtrade bananas, thus seeking to maximize income for producers by covering production costs as much as possible while making it feasible for retailers to continue selling Fairtrade bananas in an extremely competitive market.
FLO's Standards Unit took on the task of updating the Fairtrade Minimum Prices for bananas, basing its review on exchange rates and Consumer Price Indexes. Producers and traders all took part in the consultation process with almost 100% of stakeholders responding. In addition, producers from Latin America and the Caribbean gathered in Lima, Peru, in August to provide their feedback.
On July 13-14, seventeen people from throughout the banana industry gathered in Bonn for the first FLO Product Advisory Council (PAC) for bananas. The PAC helped FLO staff gather market and product intelligence that will support work on global strategies for Fairtrade bananas in the months to come.
