Chairman of National Flour Mills, Nigel Romano, says the company is absorbing much of the increase of wheat prices on the international market.
His statement comes after the company announced a 33% hike in the price of flour on Tuesday.
He notes that the crisis between Russia and the Ukraine is having a negative effect on the price of wheat, since both countries are two of the world’s largest exporters of wheat.
Mr. Romano adds that 80% of the company’s cost of production is the cost of wheat.
Meanwhile CEO of NFM, Ian Mitchell, says the company has explored using sweet potato and cassava to produce flour.
The National Flour Mills executive officers were guests on TTT’s Now Morning Show on Wednesday.