June 21, 2022

Flour Prices To See 33% Hike From Tomorrow

By Newsroom

From tomorrow, Wednesday, the retail price of flour will increase by 28%.

The National Flour Mills announced today that there will be 33 per cent increase in the wholesale price of flour. 

NFM CEO Ian Mitchell lamented that 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.

“Flour is an important ingredient in our diets in Trinidad and Tobago 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.”

Where prices decrease, NFM says it will consider adjusting the cost for consumers.

“We continue to explore ways to improve the efficiency of our operations and manage those costs that we can control. While we are acutely aware of the knock-on effect that an increase in the price of flour could have in the market, we must ensure that there is product available on the supermarket shelves. We must also ensure that we can generate enough positive cash flow and operating surplus to pay for these raw materials,” Mitchell said.

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