With the cost of wheat skyrocketing, the National Milling Company (NAMILCO) yesterday announced a 15% increase in the price of flour—a move the company says is required to ensure a continued supply on the market.
“The price of wheat today is 40% higher than it was on February 15, 2022, just 3 weeks ago. During this period, we have also seen increases in the cost of packaging, additives, and just recently, fuel. Consequently, we can no longer sustain our operations at our current Flour Price levels,” the company stated in press release on Friday.
NAMILCO explained that with the increased cost of production over the last year, it was forced to absorb many of the increases, only passing it on to customers where it was unavoidable.