NAMILCO Guyana has increased flour prices by 15 percent with immediate effect to ensure continued supply as the price of wheat has skyrocketed.

According to a statement issued by the company on Friday, manufacturing companies worldwide are experiencing unprecedented increases in the costs of raw materials, freight, packaging materials, energy and other inputs.
The media, the company noted, have shared the reasons for these increases with the latest events in Ukraine only serving to exacerbate the problem for manufacturers.

“NAMILCO Guyana has not been spared the impact of these rising costs, and when forced to implement price increases last year, we absorbed as many of these cost escalations as we could, only passing costs on to our customers where there were no other options. The price of wheat today is 40 per cent higher than it was on February 15, 2022, just three weeks ago. During this period, we have also seen increases in the cost of packaging, additives, and just recently, fuel. Consequently, we can no longer sustain our operations at our current flour price levels,” the company stated.

The company added: “We will work at leveraging economies of scale available to us (e.g., through wheat vessel ownership) to mitigate some of the adverse impacts of freight logistics, market access and raw material supply.”
The company added that their customers’ best interest continues to be their priority as ways are being sought to minimise disruptions to food security, nutrition and culture.

“I am sure you will be heartened by the fact that even at the new prices, our flour remains pound for pound a less costly alternative than other local provisions. NAMILCO thanks you for your continued loyalty as we work together to address these unprecedented challenges,” the company stated.