00:00 With Nutramix announcing reductions in the prices of its Country Pride and Nutramix Premium
00:05 Grade range of flour between 5% and 17%, the country's leading flour producer, NFM, is
00:13 giving the assurance that its prices remain competitive.
00:17 Is it that NFM's prices are lower than the competition's?
00:21 I am not going to comment on specific products, but I can assure you that our prices are competitive.
00:31 NFM has been reducing its prices through the year.
00:36 Our latest price adjustment was in May.
00:39 We did not see the need to broadcast that.
00:43 And you will see our results in the newspapers next week, and it will show that we have been
00:50 adjusting prices as conditions change with respect to grade prices.
01:00 Every time we adjust prices, we don't make press releases.
01:03 NFM's chairman confirms that the state-owned company does have market share, but notes
01:08 that retailers do set their prices.
01:12 Those prices are determined by the various supermarket outlets and that kind of stuff.
01:19 And I'm sure they will vary by region as well.
01:24 National Flour Mills also confirms that it supplies the majority of bakeries in the country.
01:29 This is one of the reasons why one major bakery chain notes reductions in bread and other
01:35 flour-based food items are unlikely at this time.
01:39 The last time there was a reduction from NFM, I can't recall exactly when it was, it pertained
01:46 only to retail products.
01:47 Specifically, it was not for commercial supplies.
01:49 So as of now, there's no impact to commercial businesses as of now.
02:00 If that changes, well, obviously it will be a different scenario.
02:04 Renessa Cutting, TV6 News.
02:06 [BLANK_AUDIO]
