Guyana: In a recent statement, the National Milling Company (NAMILCO) announced that the price of the flour had witnessed a hike of 15 percent with immediate effect. This ongoing hike has been seen amid the conflict between Ukraine and Russia.
The statement informed that the price of wheat was skyrocketed by around 40 percent since February 15.
The company further noted that the prices of packaging, additives and fuel have increased. It further stated that the company would face difficulty in operation with the current price of flour.
As per the official notice by the company, “We will work at leveraging economies of scale available to us (e.g., through wheat vessel ownership) to mitigate some of the adverse impacts of freight logistics, market access and raw material supply.”
Furthermore, it stated, “we absorbed as many of these cost escalations as we could, only passing costs on to our customers where there were no other options.”
The Ukraine conflict has affected the prices of basic goods across the world. Amid the war, the United States of America witnessed a hike in fuel prices, and the prices of gasoline (petrol) went all-time high, costing $4.31.
This hike was even witnessed by the small countries worldwide.
The impact was also seen by major stock exchanges as they witnessed sudden price drops on a regular basis, with a decline in stock prices.
Russia invaded Ukraine on February 24, 2022; since then, it has had a bad effect on the economy as well as the global markets.