Concerns over price hikes, Trinidad & Tobago

Concerns over price hikes, Trinidad & Tobago
Published: 11 May 2012

The Trinidad and Tobago Manufacturers' Association has expressed concern of a 19-21 per cent rise in prices.

The situation is affecting the TTMA's members and severely hampering the construction industry, Trinidad Express Newspapers reported a spokesperson saying.

In a May 2 circular to contractors, TCL announced price increases between 19 and almost 21 per cent on all types of cement, according to local industry players.

"The TTMA is aware that the ongoing industrial action at Trinidad Cement Ltd (TCL) has affected the company's production, and its ability to meet local demand. The Association notes that TCL raised its prices in January 2012 by 8-12 per cent for different types of the product, which was the first increase in more than four years. Following the start of protests by TCL workers more than two months ago, cement prices continued to rise, and at times the market was forced to pay up to 50 per cent above normal levels," it said in a statement.

The ongoing impasse continues to have a "profound impact on the economy of Trinidad and Tobago", and this latest development has created additional problems for TTMA members, the manufacturers added.

The TTMA said it will be holding discussions with affected members and other stakeholders this week, in an effort to resolve this issue.