YOU pay more for flour from tomorrow (Wednesday).
The National Flour Mills Limited (NFM) on Tuesday stated that it will increase the wholesale price of flour by 33 per cent but will suggest that the retail price be increased by 28 per cent.
The state company noted that while it has been able to secure sufficient wheat stocks to guarantee that Trinidad and Tobago has an adequate supply of flour for 2022, the cost of wheat to NFM has increased by a further 49 per cent 2022, due to the ongoing war in Ukraine.
Therefore in order to reduce losses in its flour division, the company had no choice but to increase prices.
It stated, “This decision follows continued initiatives to reduce operating costs to maintain the price of flour, in the face of increased supply chain challenges and soaring commodity prices.
“Flour prices were increased in January 2022, NFM’s first increase since 2008.
“However the emerging crisis in eastern Europe and the decision by India and at least seven of the world’s wheat suppliers to curtail exports, saw a reduction in the quantities available to non-producing nations like Trinidad and Tobago, and resulted in dramatic increases in the price of wheat globally.”
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Chief Executive Officer of NFM Ian Mitchell said this was the most turbulent period for wheat supply and food security in recent history.
He said, “Flour is an important ingredient in our diets in TT&T and in response to the challenges that we are facing, we have been able to secure wheat to ensure a reliable supply of flour.
“However, the next few wheat shipments have been purchased at record high prices due to the crisis in Ukraine coupled with decisions by many exporting nations to halt the export of wheat.”
