Latest update November 26th, 2024 1:00 AM

Guyana's largest selling daily and New York's most popular weekly

Latest News

Bread prices still not reduced

Nov 24, 2008 News

It has been approximately one week now since the National Milling Company (NAMILCO) announced a 17 percent reduction in the price of flour, but the consuming public is yet to feel the effects of this reduction on bread prices.
During a recent meeting with Commerce Minister, Manniram Prashad, bakers had said that they would need some time to work out the percentage at which they would reduce bread, and other related flour products.
However, to date that percentage has not been announced, and consumers are still paying the same price for bread. Kaieteur News understands that since the meeting, Minister Prashad has not received any information from the bakers as to whether a percentage figure has been arrived at or when consumers will be able to feel the benefits of the reduced price.
The bakers had promised that the price for bread and other flour related products would be reduced within a week, since they buy flour in bulk and as such, it would not be fair to reduce the price for flour products instantly, as it would result in some bakers not being able to make a profit.
Chief Executive Officer of Bakewell, Naeem Nazir had told Kaieteur News that there are a lot of logistical changes that has to be made following the reduction in the price for the commodity.
He could not say at what price bread at his entity would be sold, as “there are a lot of calculations involved”. He had, however, assured that the price would be reduced.
Minister Prashad had claimed that before the end of last week, an announcement would have been made on the price for bread, but thus far, this has not happened.
Efforts made to contact the Minister yesterday for a comment on the matter proved futile.
Meanwhile, at the meeting last week with the Minister, bakers had made it clear to Minister Prashad that the end of last week was too early to make such an announcement, as they had in their possession ‘bulk stocks,’ bought before the reduction.
They were, however, unable to say how long the bulk stocks would last.
On Tuesday last, NAMILCO announced that the price for flour would be reduced by an overall 17 percent on 45 kg bags, and consequential reduction in packets.
The reason for the reduction was due to the reduced price for wheat on the international market.
It was explained that the decreased percentage is calculated using the increased prices as at May 5th, 2008, versus the new prices, which means that most bakers would benefit from a $1,280 reduction per bag of flour.
Consumers are also benefiting from a reduction of $20 per kg on Thunderbolt packet flour. The wholesale price for a bag of Thunderbolt flour will now be $6,175 while the retail price will be $6,220.
Earlier in the year the prices were $7,390 and $7,500 respectively.
Currently, a 1 kg packet of Thunderbolt flour has decreased from $185 to $165.

Similar Articles

The Glenn Lall Show | November, 20th, 2024

Follow on Tik Tok @Glennlall

THE BLUNT OF THE DAY

Sports

Rutherford gets big payday from Gujarat Titans at IPL 2025 Mega Auction; Shepherd, Powell snapped up by RCB and KKR, respectively

Rutherford gets big payday from Gujarat Titans at IPL 2025 Mega...

Nov 26, 2024

  SportsMax – Guyanese hard-hitting left hander Sherfane Rutherford will get the opportunity to shine on T20 franchise cricket’s biggest stage once again after being picked up by the...
Read More
Roach and Seales star as West Indies close in on Antigua Test victory

Roach and Seales star as West Indies close in on...

Nov 26, 2024

Delroy Tyrrell continues to excel at Oneonta State University

Delroy Tyrrell continues to excel at Oneonta...

Nov 26, 2024

Ramdass Royals Crowned Champions of the Inaugural Windies Masters Cricket Extravaganza

Ramdass Royals Crowned Champions of the Inaugural...

Nov 26, 2024

KFC Guyana distance self from delayed payment of GFF Elite League prizes

KFC Guyana distance self from delayed payment of...

Nov 26, 2024

Ravens and Royals ready for epic Elite 16 final showdown

Ravens and Royals ready for epic Elite 16 final...

Nov 26, 2024

Features/Columnists

Publisher’s Note

Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.

Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]