The price of cement is set to be increased again in one week, the third time since the start of the year, this time because of the depreciation of the Jamaican dollar against the US dollar.
In a notice to the Jamaica Stock Exchange, the Caribbean Cement Company said that effective Thursday, July 8 the price of a bag of Carib Cement, OPC or ordinary Portland cement, will be increased to J$945.48, while a bag of Carib Cement Plus will sell for J$914.53. Both prices include General Consumption Tax.
Caribbean Cement said the new prices represent an average increase of one per cent.
The cement company said the price changes are necessary because of the continued depreciation in the value of the Jamaican dollar since its last price adjustment.
"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.
The notice said that cement ordered but uncollected before July 8 will incur the higher price.
"Therefore, it is imperative that all payments for cement made before July 8 be collected before this date, or the new prices will prevail," the company said.
Carib Cement increased its prices on January 7 and April 8, this year.
The Jamaican dollar is now trading at just over J$101 to US$1.
General Manager of the Caribbean Cement Company, Anthony Haynes, was unavailable for comment.