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WISYNCO chairman says prices increases could be on the horizon

William Mahfood, Chairman of Wysinco, and Gary 'Butch' Hendrickson, Chairman, National Baking Company

 

William Mahfood, Chairman of the manufacturing group, Wisynco, is predicting that more price increases for his company's products could be on the horizon. 

He made the disclosure on Tuesday as the company examined the impact of  the sliding Jamaican dollar on its local products.

“It’s not impacting on local manufactured products yet, but we will be doing a review on those because in addition to the exchange rate movement, we have also had movement in oil prices which is a big factor because of energy and so forth,” he said.  

News came yesterday that Wisynco is raising the price of  its imported products by three  per cent due to the depreciation of  the Jamaican dollar to the US currency over the last month.

On the other hand, Gary 'Butch' Hendrickson, Chairman of  National Baking Company, said while he was not pleased with the movement of  the dollar, history has proven that things will get better. 

“We’ve seen this before and in truth and in fact in a percentage of devaluation, this is almost nothing. I think we used to have this all the time without the country going into total collapse With the currenct fiscal discipline that is being exhibited by  the government and our leadership I think we are okay. It’s not nice to have inflation, it’s not nice to have devaluation, but what am I going to ? I’m going to have faith in my country,” Hendrickson said. 

 



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