Caribbean Cement Company, Jamaica, has made a slight adjustment to its prices effective today. Prices will increase by an average 3.2 per cent. The company said in a statement that despite the very recent signs of the strengthening of the Jamaican dollar against the US dollar, operational costs had increased over the past few months.
The company also claimed that not even the gains made as a result of improved efficiencies were enough to cover these increased costs and the company was not in a position to absorb any of these increases. Carib Cement attributed its increased costs to changes in market conditions over the past several months, which included a significant reduction in overall market demand and subsequently reduced revenues.
These factors , the company said have contributed to the their mounting stockpiles of cement and clinker.
Electricity and fuel costs form a large portion of Carib Cement’s overhead costs and increases in any of these costs negatively impact the Company’s ability to stabilise its input costs. Carib Cement reiterated its commitment to minimising the impact of increasing costs by continuous improvements in efficiencies despite the challenges of the global and local business environment.