Prices of flour increased by 15% in Guyana

The National Milling Company (NAMILCO), in a statement, said that the price of flour has increased by 15% with immediate effect in Guyana. The company attributed the increase to the ongoing conflict in Ukraine.

"The price of wheat has skyrocketed by 40 percent since February 15".

Packaging, additives, fuel all have increased, the company noted. The company said it could not continue operations with the current price for flour.

“We will work at leveraging economies of scale available to us (e.g., through wheat vessel ownership) to mitigate some of the adverse impacts of freight logistics, market access and raw material supply,” the company noted.

Further, “we absorbed as many of these cost escalations as we could, only passing costs on to our customers where there were no other options.”

Many countries around the world are experiencing inflation in basic goods. Due to the Russia-Ukraine conflict, fuel prices in the United States of America are all-time high at gasoline (petrol), costing $4.31. Many small countries are unable to cap the increasing prices of essential goods.

Major stock exchanges are facing sudden drops, with stock prices declining on a regular basis. The Russian invasion of Ukraine on February 24 booted off historic policy actions and activities across global markets.