From tomorrow, June 22nd, local flour prices will be increased.
In a statement, NFM said it has been able to secure sufficient wheat stocks to guarantee an adequate supply of flour in T&T for the remainder of 2022.
It adds however that the cost of wheat to NFM has increased by a further 49% in 2022, due to the ongoing war in Ukraine.
In order to reduce losses in its Flour Division, NFM says it has to increase the wholesale price of flour by 33%, with a suggested increase averaging 28% on the retail price to the consumer.
It believes however that there should not necessarily be a 28% increase in the price of everything that contains flour, since other ingredients are also used to produce food items.
NFM also stated outright that it is prepared to reduce prices should the cost of wheat return to its previous levels.
The price of flour was increased recently, in January 2022.