Jamaicans can now brace for a hike in the cost of flour, one of the basic items in the Jamaican household. According to Managing Director of Jamaica Flour Mills, Derrick Nembhard the increase is unavoidable, since the Russian invasion has resulted in a halt on exportations from the two countries involved. This has resulted in a decline in the supply while the demand remains. The economic scares of many amid the Russian invasion of Ukraine is slowly materializing as Jamaicans are now feeling the heat from the eastern war, which is evident through the projected increase on flour, a basic item in the Jamaican household.
This expected increase is as a result of Russia suspending export on grain and sugar in an effort to avoid food shortage in the country. As experts previously warned, any discontinuation of exportations on grain will notably affect the local cost of the product. Nembhard tells CVM Live it’s basic demand and supply.
Ukraine and Russia make up 30 per cent of the world’s wheat; hence the suspension on export reduces the supply, resulting in a higher demand. Nembhard says he cannot definitively say how much increase to expect. However, he says the price for grain has already been climbing.
He says the increase may linger even after Russia’s exportation resumes. While Nembhard doesn’t believe consumers will stop buying flour, he says they will certainly start buying less. An increase in flour also means an increase in any flour based product, including bread, bulla and buns.
Russia’s suspension on exports is expected to end in August.
