Chief Executive Officer (CEO) of Bakewell, Naeem Nazir, has said that his company should be reducing the price of bread from today. In an invited comment to this newspaper yesterday, Mr. Nazir said that the company is currently working to make the changes in its computer system.
However, he explained that he could not say at what new price bread would be retailed, but he assured that it would be reasonable.
It has been over one week since the National Milling Company (NAMILCO) announced a 17 percent reduction in the price of flour, and bakers at a recent meeting with Commerce Minister Manniram Prashad had promised to reduce the price for bread and other flour products within a week.
The bakers had argued that they buy flour in bulk, and as such, it would not be fair to them to reduce the price for bread and other related products instantly, because this would affect their profit margin.
Nazir had told Kaieteur News that many logistical changes have to be made.
Last week, NAMILCO announced the reduction of the price of flour by an overall 17 percent on 45-kg bags, and indicated that there would be a consequential reduction in packets.
The reason for the reduction was due to the reduced price for wheat on the international market.
It was explained that the decreased percentage was calculated using the increased prices at May 5 last versus the new prices. Most bakers would therefore benefit from a $1,280 reduction per bag of flour.
Consumers are also benefiting from a reduction of $20 per kg on Thunderbolt packet flour. The wholesale price for a bag of Thunderbolt flour is now $6,175, while the retail price is $6,220.
Earlier in the year, the prices were $7,390 and $7,500 respectively.
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