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Flour prices to rise again
Flour prices locally are set for an increase again on Friday as weather continues to affect food supplies worldwide.
According to the National Milling Company of Guyana Inc. (NAMILCO), government has agreed to a 6% across-the-board increase for all its products.
NAMILCO last hiked its prices in March.
Bert Sukhai – Managing Director, NAMILCO
According to the company, the price of grain, including wheat, has escalated over the last few months and it appears to have peaked at this time in Guyana.
“The severe drought in the United States of America and other parts of the world and increasing demands for food worldwide are the main contributing factors for the increase.
Last week, the Jamaican flour mills announced an increase of 10-14% and other mills in the Caribbean have already increased prices,” NAMILCO said.
The company said that it has refrained from increasing the price for flour with the hope that these increases were temporary.
“Our last increase was in March 2011. However we have been buying wheat at higher prices and can no longer afford to hold prices steady.”
According to Managing Director, Bert Sukhai, discussions have been held with the Minister of Tourism, Industry and Commerce (ag), Irfaan Ali, on the issue, and the company had requested a 12% increase.
“At his request we have agreed to a 6% across the board increase with effect from September 21, 2012.”
The Eccles-based company insisted that its flour still remains one of the cheapest in the Caribbean, despite the high cost of electricity.
“We want to assure consumers that increases are taking place worldwide and we will monitor the situation with the expectation that wheat prices and consequently flour prices will decline in the future.”
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