From today consumers must dig deeper in their pockets for flour purchases.
This as National Flour Mills Limited (NFM) announced on Tuesday that there will be 33 per cent increase in the wholesale price of flour, with a suggested increase averaging 28 per cent on the retail price of flour.
According to NFM, while it has been able to secure sufficient wheat stocks to guarantee that Trinidad and Tobago has an adequate supply of flour for the remainder of 2022, the cost of wheat to NFM has increased by a further 49 per cent 2022, due to the ongoing war in Ukraine.
The company said in order to reduce losses in its Flour Division, it had to increase its flour prices.
It said th decision follows continued initiatives to reduce operating costs to maintain the price of flour, in the face of increased supply chain challenges and soaring commodity prices.
It said that flour prices were increased in January 2022, NFM’s first increase since 2008.
However the emerging crisis in eastern Europe and the decision by India and at least seven of the world’s wheat suppliers to curtail exports, saw a reduction in the quantities available to non-producing nations like Trinidad and Tobago, and resulted in dramatic increases in the price of wheat globally.
NFM’s chief executive officer, Ian Mitchell this is the most turbulent period for wheat supply and food security in recent history.