Caribbean Cement to increase prices, Jamaica

Caribbean Cement Company Ltd (CCCL) is set to increase cement prices for the third time in 2013, this time due to the depreciation of the Jamaican dollar against the US dollar.

In a notice to the Jamaica Stock Exchange, CCCL said that as of 8 July 2013, the price of a bag of Carib Cement OPC will be increased to JMD945.48 (US$9.38), while a bag of Carib Cement Plus will sell for JMD914.53. The new prices represent an average rise of one per cent.

CCCL said the price changes are necessary because of the continued depreciation in the value of the Jamaican dollar since its last price adjustment. The Jamaican dollar is now trading at just over JMD101 to US$1.

"It has become necessary for us to constantly review our prices in an effort to mitigate against increases in our input costs," the company said in the market filing.

CCCL increased its prices on 7 January and 8 April, this year.