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Sugar prices to increase on Monday

Namibians will have to dig deeper into their pockets to purchase sugar as of 27 February. The price of sugar will rise between 7% and 9%. Sugar prices have increased with about 20% worldwide.
Announcing the increase on Wednesday, Namib Mills said this price increase is as a result of increase in producer prices in the wake of higher international sugar prices on the traditional sugar market exchanges in London and New York.
In an interview with the Economist, marketing manager at Namib Mills, Margareth Gustavo said that the sugar prices have increased annually during the months of February or March, for the past four years.
“However, because Namib Mills is a packer of sugar in Namibia, we are unable to confirm future price increases, as we are reliant on our suppliers,” added Gustavo.
She added that final prices to the consumer are set by the retail outlets, thus Namib Mills does not have control over final prices on the shelves.
“In the light of this, we are unable to give you an accurate price for sugar in 2011. The sugar purchase price from suppliers remain confidential,” said Gustavo.
When asked whether consumers should expect an increase in the prices of maize, wheat and bread as well, Gustavo said that Namib Mills does not foresee price increase in the near future, subject to prevailing market conditions.

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