Retail prices for bread are set to rise again soon despite the Government’s recent intervention to have National Flour Mills Limited (NFM) reduce its proposed increase in flour prices. NFM had initially planned a 19% increase in its flour prices but after meeting with the Ministry of Trade on Thursday (30th December 2021), the company backtracked and reduced some of the proposed increases. NFM said after taking another look at their proposed price increases, they decided to limit the increase in the list price for its retail brand, Hibiscus Flour, to 10%, down from 19%. They also limited the increase in its other retail brand, Ibis Flour, to 17% down from 19%. Shortly after the initial announcement by NFM, Kiss Baking Company Limited issued a statement saying that its bread and associated flour-based products would be increased by 9% from 10th January 2022. In a Media Release, the baking company said, “On December 29th, 2021, National Flour Mills announced an increase in the wholesale price of flour ranging between 15% and 22%, with the corresponding increase in the retail price to the consumer averaging 19%. Flour represents a core ingredient in the manufacturing of bread. As a result of this sharp increase, Kiss Baking Company Limited would like to advise that we will be increasing the retail prices of some of our bread products by an average of 9%.” The Ministry of Trade and Industry said that the import duty on wheat and related enzymes and flour additives are already set to zero per cent and flour and several of the flour-related products including bread, roti skins and crackers are currently zero-rated under the Value Added Tax Act. Kiss previously increased its bread prices in September and faced backlash from customers. The company said then that raw material prices escalated by as much as 30% and it was experiencing supply chain disruptions of its raw materials. This is a developing story - refresh this page for updates.
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