(Demerara Waves) – Despite rising prices of fertiliser, fuel and freight globally due to the raging United States-Iran war, the American-owned National Milling Company (NAMILCO) is not planning to charge Guyanese more for wheat flour over the next six to 12 months because its model allows for a stable price mechanism.
“We will do our best to effectively hold a stable price point in Guyana, basically over the foreseeable future, “NAMILCO’s Managing Director, Scott Mitchell told Demerara Waves Online News.
He declined to discuss the purchase cost of wheat, saying procurement was being handled by its network of 14 trading offices in 12 countries.
NAMILCO’s parent company is the Kansas-headquartered Seaboard Corporation.
Trading Economics reported on Wednesday that wheat futures fell nearly 3% to $5.98 per bushel, easing from a nine-month high of $6.16 on March 31, as improving sentiment around the Middle East conflict reduced pressure on agricultural markets.
Though Mr Mitchell could not rule out a price hike for flour, he boasted that the company had a good track record of keeping wholesale flour prices down in Guyana.
He said from 2022, NAMILCO’s energy cost soared to 24 percent, labour costs increased more than 150 percent and distribution costs went up over 180 percent. However, consumers were asked to pay a 2.1 percent increase.
