NEWS JUST IN: Unga and wheat flour prices set to rise.
NEWS JUST IN: Unga and wheat flour prices set to rise: Leading miller has cautioned the public of a looming hike in prices due to increased production costs.
In a financial statement published on Thursday, the miller which processes popular maize and wheat brands outlined that the increase would stem from an increase in exchange rates.
While the miller noted that the Shilling had strengthened in recent days, there were still existing risks in the exchange rate owing to fluctuations
The Miller stated,”The US dollar exchange rate and liquidity have shown improvement. However, should foreign currency exchange risk persist, it will potentially influence the costs of our imported raw materials and thus impact the overall cost of our products,”
“Despite the challenges, the Group will capitalize on its strengths to drive performance enhancements across all operations,” the miller cautioned.
As of now, a 2kg packet of maize flour retails between Ksh150 to Ksh200 depending on the brand.
On the other hand, a similar-sized packet of wheat flour retails between Ksh180-Ksh200.
According to the milling company’s projections, Kenyans will also spend more in hotels for various foods such as ugali, mandazi and chapati.
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