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Prices of baked goods to rise
The price of baked goods are going up.
That's the warning from the Bakers Association of Jamaica which says the cost of products manufactured by its members are set to go up further in coming weeks.
The cost of some baked products such as buns have already been impacted by Friday's implementation of General Consumption Tax, GCT, on some previously zero rated items and the rise in the price of eggs.
The sector which was already reeling from high electricity costs will be hit harder come July 1.
That's when the new GCT regime for electricity consumption takes effect.
The Jamaica Egg Farmers Association announced that the cost for a dozen eggs is now averaging between 240 to 350 dollars as a result of its removal from the exempt list.
More bakers are reportedly buckling under the pressure of doing business and some are planning to close their doors.
Finance Minister Dr. Peter Phillips announced during his recent Budget presentation that users of more than 300 kilowatts of electricity will pay 16.5 percent GCT.
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