Flour prices jump 15% as Guyanese pockets brace for impact

The Guyana National Milling Company (NAMILCO) yesterday March 11, 2022, announced that the price of flour has been increased by 15 percent.

The company is blaming the Russia and Ukraine war for an increase in the price of wheat on the world market. The company also blames the increase on costs of packaging, additives and fuel.

Only yesterday the Guyana Oil Company Guyana announced a $43 per liter increase in fuel across the country. That increase moved the price for gas from $193 per liter in February to $256 per liter today.

APNU+AFC Shadow Finance Minister Juretha Fernandes in her Budget 2022 presentation had predicted that by the end of 2022 the inflation rate would have increased by 11%. “When this budgetary period ends, the PPP would have presided over a total inflation rate of over 11 percent in just two and a half years,” the MP said.

Since coming to office in 2020 the installed PPP Government has been plagued by an out of control price surge at the market, leaving many Guyanese to question, when will it be over? The announcement today means that one pack of 1kg flour that was retailing at $240 will now move to $280 and a 2kg pack moves from $480 to $540 per pack.

More, In The Ring.