NAMIBIA – Staple food maker Namib Mills has announced a price decrease on maize meal, instant maize porridge, and wheat flour by between 7 and 10% as commodity shock eases globally.
The decreased prices, as announced, are for maize meal (10%-14%), instant maize porridge (7%), wheat flour (10%), and complete mix by 10% effective next Monday as it makes strides towards “feeding the nation.”
According to the company, white maize prices have decreased due to an increase in South African maize harvest estimates, resulting in projections that sufficient maize will be available in the region.
“Global maize prices have also declined, as yields in other maize-producing areas of the world have improved resulting in increased supply projections,” reads the company’s statement.
On wheat prices, Namib said that the move to reduce wheat flour prices by 10% was because global wheat prices have declined in US dollar terms, as the Black Sea grain corridor has been opened for the export of wheat from these wheat-producing countries.
Moreover, wheat production and the future production prospects out of the major wheat-producing countries have increased, resulting in an increased supply.
“The full benefit of the decrease in the international wheat price has been offset by the weakening of the Namibian dollar against the US dollar, but the net effect still enables us to announce a decrease in our prices,” said the company
This is not the first time the company is slashing prices as in April, Namib committed to reducing the prices of its four products Pasta Polana, King Pasta, rice, and Polana instant noodles to align with its mission of feeding the nation.
During the announcement, the company said that it acknowledges that global food prices are set to provide relief to consumers for the year 2023, and Namibians will also benefit from the phenomenon.
At that time, rice would see a decrease in the price of between 5% and 6%, Pasta Polana and King Pasta between 9% and 11%, and Polana instant noodles would go down by 15%.
JC du Buisson, Namib Mills Group financial manager in the statement revealed that the overall input costs for manufacturing pasta and procuring noodles had decreased to such an extent that the company was in a position to lower prices accordingly.