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Bread prices remain the same

Dec 08, 2008 News

Consumers are reporting that the price for bread has still not been reduced, despite the promise by some bakeries to do so since the end of November.

As it is currently, the consuming public is still paying between $240 and $260 for a loaf of bread.
This comes even though the National Milling Company (NAMILCO) announced a reduction in the price of flour, due to the falling wheat prices on the international market.

Chief Executive Officer (CEO) of Bakewell, Naeem Nazir, had told Kaieteur News that his company would have reduced the price of bread on November 26; but, to date, that is not the case.

Nazir had said that the company was working to make the changes in its computer system, and the reduction in the prices would have soon taken effect.

At that time, he could not say at what price bread would be sold for, but assured that it would be at a reasonable price.

However, efforts made by this newspaper to contact Nazir and Commerce Minister Manniram Prashad for a comment on the matter proved futile.

It has been close to one month now since NAMILCO announced a 17 percent reduction in the price of flour, and bakers at a recent meeting with Minister Prashad promised to reduce the price for bread and other related flour products within a week.

They had explained that since they bought flour in bulk, it would not have been fair to reduce the price for the commodity instantly, as it would result in them not being able to make a profit.

It was explained that the decreased percentage in the flour price is calculated using the increased price as at May 5th, 2008 versus the new price, which means that most bakers will 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. Now, a 1kg packet of Thunderbolt flour is   $165, down from $185.

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