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BOJ Governor forecasts mixed changes in price of wheat and rice

07:57pm | Thu, August 25, 2011

The Bank of Jamaica, BoJ, is forecasting mixed changes in the prices of wheat and rice for the rest of the year.

The Central Bank says wheat prices could fall as much as 13 percent for the rest of the year.

However General Manager at the Jamaica Flour Mills, Derrick Nembhard says it depends on the type of wheat for which the forecast is being made.

 

He says while soft winter wheat which is used to make counter flour is projected to see price declines, spring wheat used in the bakery industry will see increases for the rest of the year.     

 

He added there is no impending price announcement for flour.

On the matter of rice, the forecast is that the price will rise by 13 point 8 percent for the rest of the year, but again Mr Nemhard who also heads the Jamaica Rice Mills, says the result is not that certain.