More Price Increases Predicted for 2016
The price of maize meal, wheat flour, mahangu meal , rice and sugar increased with between 6 and 23% on 25 January 2016. Last week Namib Mills announced another price increase on the company’s product categories excluding rice and sugar with effect 29 February 2016.
Namib Mills CEO Ian Collard said this is due to the sudden devaluation of the Namibia Dollar (NAD) against the United States Dollar (USD) and other currencies as well as the drought facing Southern Africa. Collard however noted that should soft commodity prices decrease again, due to sufficient rains in the future and the NAD strengthen against the USD, the company will announce price decreases, as was done in the past.
Meanwhile Spotlight News sat down this week with Mr. Francois Brandt Manager at Financial Literacy Initiative(FLI) and Mr. Namene Kalili, Senior Research and Development Manager at FNB Namibia Ltd, on how to revisit your budget, and possible solutions on maximising exports in addressing the financial impact this have on our budgets.