Georgetown, Guyana – The National Milling Company (NAMILCO) iin Guyana has presented a proposal to President Bharrat Jagdeo for a 15 per cent increase in the price of flour.
The company’s Managing Director Bert Sukhai cited rising wheat prices on the world market as the reason why an increase would be justified at this time.
“We are in discussion with the government to mutually agree to the extent of the increase. We have indicated that based on the movement of wheat which has increased by over 30 per cent since last October we were proposing an increase of 15 on flour,” he said.
“We met with the president and examined the impact the increase will have on consumers.”
Sukhai said a decision on the proposed increases would only be made after president Jagdeo meets bakers and other stakeholders to determine the impact of increases on their products.
He said crippling droughts in China, Russia and Argentina and torrential rains in Australia and Canada coupled with Russia’s ban on wheat exports have triggered price increases.
Sukhai added that since October last year the flour company began paying an increase for wheat.
The price of wheat currently stands at US$337.39 per tonne and this, according to forecasters, is likely to increase in the coming weeks. (CMC)
