One of the country’s largest suppliers of animal feed, Nutramix, says it will be increasing its prices come Monday, March 14.
Nutramix made the announcement in a statement on Friday.
The feed producer says it’s forced to increase prices due to the ongoing war in Ukraine caused by Russia’s invasion of the country.
In their statement addressed to the nation’s farmers, Nutramix said, “we are witnessing historically high raw material costs which directly affect the price of feed and food.”
The move to increase the price of animal feed will have a knock-on effect on the price of food, which has been raising in recent weeks.
Several fast-food establishments and large-scale meat producers already raised prices in recent weeks.
Ukraine is one of the world’s leading producers of wheat, while Russia is a leading oil exporter.
The effects of the war between the nations can already be felt on fuel prices with prices at the pump.
On Wednesady Petrojam announced that the price of E10 87 increased by $4.50 per litre to sell for $186.93 per litre. A litre of E10 90 gasoline will also move up by $4.50 per litre to sell for $191.93 per litre.
Fears are also growing that another global economic recession could be on the horizon.
