The price of flour is set to rise by a further 33% as of tomorrow, Wednesday June 22nd 2022.
National Flour Mills Limited (NFM) announced today that 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% in 2022, due to the ongoing war in Ukraine.
NFM says as a result, in order to reduce losses in its Flour Division, the company has had to increase the wholesale price of flour by 33%, with a suggested increase averaging 28% on the retail price of flour to the consumer.
Flour prices were increased in January 2022 – NFM’s first increase since 2008.
NFM says, however, the emerging crisis in eastern Europe and the decision by at least seven of the world’s wheat suppliers to curtail exports reduced the quantities available to non-producing nations and resulted in dramatic increases in the price of wheat globally.