The price for flour is set to rise by 25% in light of the high price of wheat internationally, the National Milling Company (NAMILCO) says.
In a press release, the flour company said that it has been forced to increase tariffs by approximately 25% to cushion the high prices paid for the last and next shipment of the wheat. The company asserted that since January last year to date, wheat prices have increased by over 120% but the price for flour charged by Namilco has increased by only 60%.
“This has caused us to suffer losses as other factors constrained us from further increasing flour prices”, the company declared adding that other Caribbean countries increased prices at the beginning of April.
According to the release, the company has heard that this year’s wheat crop in Canada and the US are good and this news would result in reduced wheat prices “but we would not benefit from this until September”.
The company stated that it remains committed to providing the best quality product and service and to ensure that prices remain competitive. If anyone is charging customers “excessive prices”, the release said, reports can be made to 233 2470.
