January 23, 2012

Taiwan's milk powder firms have decided to reduce prices between TWD10 (US$0.33) and TWD20 (US$0.67) per 1.5 kilogramme can of their products, the Ministry of Economic Affairs said Thursday (Jan 19), the news agency reported.

Ministry officials added, however, that additional promotions that will be launched by some of the companies in February will increase the savings to as much as TWD136 (US$4.54) per can.

The companies made the decision after reaching an agreement with the government to lower their prices to reflect a decrease in tariffs, the officials said.

The Ministry of Finance last November 25 implemented the tariff reductions on three categories of milk, a response to soaring milk powder prices, the news agency said.