THE National Flour Mills (NFM) has limited its recent increases in flour prices after its recent announcement of the new pricing structure.
It said in a statement on Thursday that the retail price of Hibiscus flour would incur an increase of ten per cent, down from 19 per cent, which was stated in its initial announcement on Wednesday. Ibis flour has been adjusted to 17 per cent, down from 19 per cent.
The price changes NFM’s other brands remained 15-22 per cent increase in wholesale flour prices and a suggested 19 per cent increase in retail prices.
NFM said justified the increase by saying the international prices for wheat remained volatile and there had been increases in operating costs, despite the company’s efforts to improve operating efficiency and reduce processing costs.
The Ministry of Trade and Industry (MTI) said it would work with NFM to explore possible avenues to see how and where other costs could be eliminated to maintain commercial viability.
The adjustments take effect from January 3.