Dec 09, 2008 News
The price of bread at Bakewell has been reduced as a result of the decision by the National Milling Company (NAMILCO) to decrease the cost of flour. This reduction was implemented from Tuesday last.
Yesterday, Chief Executive Officer of Bakewell, Naeem Nazir, said that there are notices in the outlets they operate informing the public that the price has been reduced.
Nazir said the price for bread has returned to what it was before the increase of flour on the world market last May. Just under a month ago, NAMILCO announced a 17 percent reduction in the price of flour, and bakers at a recent meeting with Minister Manniram Prashad agreed to reduce the price for bread and other related flour products.
The minister was informed that, since flour is purchased in bulk, it would not have been economical to reduce the price for the commodity immediately.
The drop in the flour price has been calculated using the increased price as of May 5 last versus the new price, which means that most bakers will benefit from a $1,280 reduction in the cost per bag of flour.
Consumers are also benefiting from a reduction of $20 per kg on Thunderbolt packet flour.
Last Thursday, Head of the Presidential Secretariat, Dr. Roger Luncheon, said that Government is considering the ‘name and shame’ approach for wholesalers and retailers who are not decreasing their prices for commodities that have fallen on the world market.
Dr. Luncheon said that as the world’s financial sector and economic crisis deepens, prices for goods and services are falling steadily.
He noted that, in Guyana, consumers are reasonably expecting that the lower prices would be reflected in the cost of procuring goods and services in marketplaces.
According to Dr. Luncheon, there was some cause for alarm, since consumers were not predictably or consistently benefiting from these price decreases.
The prices for bread, fuel, poultry and transportation fares continue to attract the attention of the administration, Dr. Luncheon added.
The wholesale price for a bag of Thunderbolt flour will now be $6,175, while the retail price will be $6,220.
Earlier in the year, the prices were $7,390 and $7,500 respectively. Now, a one-kilogram packet of Thunderbolt flour is $165, down from $185.
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