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Saturday, 05 March 2011 16:10

Flour hike likely in Guyana next week

Wheat_FlourAmidst escalating costs for wheat on the world market, Guyana is mulling an increase in flour prices. An announcement could be made as early as next week.

According to the National Milling Company of Guyana Inc. (NAMILCO), it met with President Bharrat Jagdeo on Thursday on the situation with company eyeing a 15 per cent increase on its products but this is likely to be reduced.

This will translate to about $10 more per pound for flour products.

A meeting between Jagdeo and several of the country’s bakers is set for next week to gauge the impact.

The company has indicated that when wheat prices spiked in 2008, Government intervened to keep flour prices affordable. That same year, when the prices declined on the world market, prices were reduced to the original levels.

NAMILCO noted that wheat prices then remained relatively stable for over two years with flour prices remaining unchanged right up to October of last year when a small increase of $4.40 per pound was added.

It was pointed out that Guyana remained fortunate because of its agricultural-based economy and was able to cushion the effects of rising prices.
Wheat cannot be grown in Guyana so all the wheat needed to produce flour is imported, NAMILCO said.

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