NFM flour prices cut by 10%

State-owned National Flour Mills (NFM) has reduced its prices by around ten per cent on all its main retail brands of flour, after monitoring world grain prices over the past few weeks.

CEO Ian Mitchell said along with keeping an eye on these prices, the cost of freight and the other inputs contributed to this drop.

"In light of what we now believe to be stable realised cost reductions, we have decided to pass on savings to our customers," Mitchell said in a WhatsApp exchange with Newsday on Monday.

He added, "The short-, medium- and long-term objective of NFM’s pricing decisions will always be to give consumers the best quality products from a safe-quality-food-certified flour producer at the most competitive price."

Mitchell also boasted, "We are the only mill in the Caribbean able to make this claim."

Nutrimix, its competitor, dropped its prices from ten-13 per cent on Country Pride and Nutrimix Premium Grade 2kg and ten-12 per cent on its 10kg-sized flour products. This was announced and came into effect on July 3.

In 2020, between January and July the price of wheat moved from US$5.56 per bushel to US$6.73. Its highest cost was US$12 a bushel last year.

Last June, NFM increased its wholesale price for flour by 33 per cent, with a suggested retail price increase of 28 per cent for consumers.

Though retail prices have decreased, commercial customers are yet to receive the same good news, according to Peter George, owner of Linda's Bakery. He said despite the retail price changes, nothing has changed in his operations.