Prices of Fish and Meat Shoot Up in Namibia
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Posted On :
Sep-01-2010
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Article Word Count :
491
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In recent months, food price shoot up in Namibia for many reasons. It is said that one of the main reason is limited supply of meat on the international market.
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In recent months, food price shoot up in Namibia for many reasons. It is said that one of the main reason is limited supply of meat on the international market. And due to the wheat shortage in the world, the price of bread and wheat flour are set to increases soon after. So the prices of fish and lamb will also increase.
Due to "the good uptake and limited supplies on international markets", the price of lamb went up 12 percent, while fish price increased by 4 percent.
Increase in food prices drove up the July consumer price index to 4.6 percent from 4.3 percent in June. Increases in housing and furnishing categories also helped in the rise of the consumer price index, along with the increase in prices of food.
Nevertheless, the increase in the consumer price index in July is significantly lower than the 7.5 percent recorded in the previous year.
July inflation came in at 4.6 percent, and although within inflation targets, the figure is higher than expected. Inflation is driven by a shortage of potatoes in South Africa and hence vegetable inflation shot up 13 percent month-on-month. Meanwhile, consumers must brace for the increase in the prices of bread, pasta and anything made from wheat from October onward.
Russia is the world’s third largest wheat producer. Now the worst drought occurs in Russia, and the government has banned its producers from exporting wheat. The ban in Russia has pushed up the international price of wheat by about 26 percent. The ban is effective until the end of the year, but analysts caution that it could extend into 2011.
This has prompted Namibian millers to announce a foreseeable 10 percent increase in the price of wheat flour, in line with millers worldwide. Namib Mills says it foresees a price increase 1 "of not more than 10 percent" by October.
Bokomo Namibia says it will wait to see how the market behaves before it can decide on the percentage increase for wheat flour, but current indications are that the increase would be around 10 percent.
The period between end of September and beginning of October marks the harvest of the very limited wheat produced locally, as well as in South Africa, and millers are waiting to see the total production volumes.
Nevertheless, the milling companies say the forecasted increase is the first in two years and that the actual increase would be lower compared to the last increase in 2008.
By estimates, the wheat production will be cut by 20percent, as the larger part of Russia suffered the drought in at least 130 years. And farmland is destroyed by the extreme heat in much of western Russia.
As there is a decrease in production in Russia, and Namibia's total production is only 15 percent, the country has no choice but to import 85 percent to satisfy local demand.
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Article Source :
http://www.articleseen.com/Article_Prices of Fish and Meat Shoot Up in Namibia_31345.aspx
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Author Resource :
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Keywords :
meat, price, drought,
Category :
Writing and Speaking
:
Article Writing
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