The National Flour Mills has implemented yet another increase in the price of feed products.
According to a Newsday report, the new prices came into effect on July 1st and CEO Ian Mitchell stated that “NFM was forced to implement a second price increase on feed products for 2021 due to continued increases in the cost of all input grain.”
He added, “The price increases range from 2.8 per cent to 5.9 per cent. The increase in the landed cost of feed grain for 2021 is over 50 per cent.”
NFM seems to be the only one that has instituted an increase.
Mastermix revealed that they have not increased prices and would not do so for the next quarter.
Mastermix’s general manager told the media house, “At Mastermix we would absorb the price shocks but will also monitoring the situation on the global market. If it plateaus, we will be prepared to continue to absorb the increases, but if it goes way beyond that, because we have no control over what is driven by market forces globally, then we will look at adjustments.