NFM says rice hike due to higher world price

NATIONAL FLOUR Mills Ltd (NFM) issued a release yesterday announcing the increase in the price of rice effective Monday.

The company said the increase was the result of significant declines in rice production, along with increases in freight costs due to steep increases in the world market price for the commodity. According to NFM, from May to the present time, rice prices have been steadily rising, reaching a peak of 60 percent. NFM maintained selling prices throughout 2003 through effective procurement practices, it said, noting that the company has now taken a decision to increase the selling price by 15 percent to offset increased costs. The company added: “National Flour Mills continues to effect operational improvements in order to maintain competitiveness whilst ensuring that increases to consumers are kept to a minimum.”