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Rice prices to escalate again
Tuesday, 09 March 2010
Consumers are being warned to brace for more increases in the price of rice.
Managing Director of Jamaica Rice Mills, Derrick Nembhardt is advising that drought has crippled production in Guyana and this will definitely drive up the cost for Jamaicans.
<span style="font-weight: bold">Rice went up twice in February and 10% so far this year</span> making the nation's chief food import way more expensive to buy.
But those increases may only be the beginning of a very steep climb in the price of rice.
The El Nino weather phenomenon which has brought drought to much of the region is devastating the Guyanese rice output cutting the upcoming crop by 20% so far and that means Jamaicans must prepare to pay even more for rice at the supermarkets and shops.
"It is my belief that you will see additional increases as the crop starts and the farmer increases the price of the paddy to the miller and then the miller to the buyers like us who will increase prices," Mr. Nembhardt said.
The price increases will take effect when the next crop is reaped later this month.
Mr. Nembhardt says he is heading to Guyana to negotiate best possible prices for the Jamaican market.
But the reality is that prices will definitely increase.
"Caricom rice, particularly Guyanese rice, has been going up steadily since the end of last year predominantly because of the drought they are experiencing like the drought here," he said.
Guyana currently supplies about 60% of Jamaica's rice demand which means the price increases to come either later this month or in early April will strain the pockets of most consumers.
On the other hand, USA rice which makes up the shortfall, has stable a price.
"Prices out of the States have remained stable therefore we too will have a constant supply out of the US of American rice which should retain some level of continuity in the price going forward," he said.
<span style="font-style: italic">Despite its price stability though</span>,<span style="font-weight: bold"> USA rice has always been more expensive than the Guyanese product</span>.
But Nembhardt says with the increases in Guyanese rice, the difference may soon be immaterial.
<span style="font-weight: bold">wonda if Arkansas pot growers a switch to rice cause we grow nuff rice dung deh as it is </span>
Tuesday, 09 March 2010
Consumers are being warned to brace for more increases in the price of rice.
Managing Director of Jamaica Rice Mills, Derrick Nembhardt is advising that drought has crippled production in Guyana and this will definitely drive up the cost for Jamaicans.
<span style="font-weight: bold">Rice went up twice in February and 10% so far this year</span> making the nation's chief food import way more expensive to buy.
But those increases may only be the beginning of a very steep climb in the price of rice.
The El Nino weather phenomenon which has brought drought to much of the region is devastating the Guyanese rice output cutting the upcoming crop by 20% so far and that means Jamaicans must prepare to pay even more for rice at the supermarkets and shops.
"It is my belief that you will see additional increases as the crop starts and the farmer increases the price of the paddy to the miller and then the miller to the buyers like us who will increase prices," Mr. Nembhardt said.
The price increases will take effect when the next crop is reaped later this month.
Mr. Nembhardt says he is heading to Guyana to negotiate best possible prices for the Jamaican market.
But the reality is that prices will definitely increase.
"Caricom rice, particularly Guyanese rice, has been going up steadily since the end of last year predominantly because of the drought they are experiencing like the drought here," he said.
Guyana currently supplies about 60% of Jamaica's rice demand which means the price increases to come either later this month or in early April will strain the pockets of most consumers.
On the other hand, USA rice which makes up the shortfall, has stable a price.
"Prices out of the States have remained stable therefore we too will have a constant supply out of the US of American rice which should retain some level of continuity in the price going forward," he said.
<span style="font-style: italic">Despite its price stability though</span>,<span style="font-weight: bold"> USA rice has always been more expensive than the Guyanese product</span>.
But Nembhardt says with the increases in Guyanese rice, the difference may soon be immaterial.
<span style="font-weight: bold">wonda if Arkansas pot growers a switch to rice cause we grow nuff rice dung deh as it is </span>