Flour Prices to Increase - NAMILCO

Flour Prices to Increase – NAMILCO

Oct 25, 2010 News

The National Milling Company (NAMILCO) has raised the price of flour in response to global wheat prices that have soared in recent months.
According to an advisory NAMILCO indicates that as of October 23, 2010, their prices will be increased by a value somewhere between three and seven percent.
The company also went further to translate that increase to what should be seen on the street in an effort to protect consumers. According to the notice, the increase converts to ‘$4.40 per pound of loose flour and $8.00 per one kg. packet’, with the bottom line being that ‘consumers should not expect increases of more than $10 per kg of flour’.
NAMILCO also promised consumers that should there be any reduction in the price of wheat then it would be duly reflected in the local flour prices.
Since May of this year, the largest wheat producers of the world have been experiencing troubles with their production. Chief among these are the Russians, who accounted for almost 25 percent of the global market last year, along with other former Soviet Republics such as Kazakhstan.
Earlier in the year, Russia was in the throes of one of the worst droughts recorded in over 130 years. According to Russian officials, by the end of July, the extreme heat and ensuing wildfires had scorched some 10 million hectares of wheat.
Russian Deputy Agriculture Minister Aleksandr Belyayev told BBC in August of this year that despite the forecasted amounts released by the authorities, Russian fields would only be able to provide some 70–75 million tons of wheat as opposed to 97 million tons in 2009.
Unfortunately it was not enough, since early in August, Russia imposed a ban on wheat exports from August 15 through December 31.
Some experts in the International Markets claim that although the ban has already pushed prices even higher, the fact that the United States is expecting a bumper crop of wheat this year will provide some relief to the immense demand for this most basic of food commodities, bringing prices down somewhat.
Nevertheless, fears of a possible global food crisis have prompted the United Nations Food and Agriculture Organisation (FAO) to call an emergency meeting in Rome.
According to members of the organization, a food crisis may not be the case at this point in time but another serious drought or flood in a major commodity producer may be enough to tip the scales to the side of trouble on the food market.
An increase in the cost of flour may also trickle down to the consumer in other ways since bread and other bakery products may increase in cost in the coming days.

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Flour Prices to Increase – NAMILCO

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