Tuesday, 6 May 2008 10:59 AM

Rice Price May Increase Further, Company Warns

Solomon Rice Company Limited has warned that the current increased prices on rice may increase further.

In a statement, the company's General Manager Brian Hutchinson says the recent increase is regrettable but the company has been advised to pass on further increases to the price of rice on a monthly basis, depending on world markets.

Mr. Hutchinson says Solrice Company has been advised that the global supply and prices of rice are under significant pressure due to factors influencing international rice exporters.

He says world prices of grain food has spiraled out of control and Solrice, along with its supplier can no longer absorb them.

The General Manager says Solrice has always been good corporate citizens and are mindful of its consumers' rights.

He says the introduction of the price increase has not been taken lightly but it is necessary to do this in order to continue supplying the country with the best possible rice product.