File photo: National Flour Mills and Nutrimix flour products on sale at a supermarket in San Juan. Both companies announced price increases. Photo by Sureash Cholai
From Monday, Nutrimix customers will have to pay more for its Country Pride and Nutrimix Premium brands.
In a media release on Wednesday afternoon, the company announced price increases of between ten and 33 per cent.
It said the increase was a result of continued negative impacts on global wheat production, its availability and associated soaring prices.
It said the ongoing conflict in Russia and Ukraine, bad weather in grain-producing countries, and the decision by major producers to curtail their exports have negatively affected and contributed to the soaring international market prices.
“While our company takes its responsibility to promote food security seriously, this has meant paying significantly higher prices for commodities, a reality which we cannot fully continue to absorb.
“Although we have sought to manage our operating and other costs to minimise the knock-on effect on our customers, Nutrimix faces no alternative option but to implement a price increase at this time.”
It said it remained focused on securing its wheat supply to ensure a consistent and reliable supply of its products.
“Nutrimix understands the impact of these increases on families, bakeries and all other industries.
“We will continue looking for all opportunities to reduce the burden on the consumer and bring relief to our consumers where these opportunities arise. This includes supporting initiatives to develop more local alternatives to supplement our national dietary needs.”
This is the second increase in flour prices since January.
With effect from Wednesday, National Flour Mills Ltd prices increased by 33 per cent and the company suggested a retail price increase of 28 per cent.