Soaring wheat prices have led to higher bread costs

According to the Philippine business mirror on November 3, wheat prices in the United States and Russia have soared recently, wheat prices in Europe have reached an all-time high, and the benchmark Chicago wheat futures price has risen to a high in recent nine years. The global bread cost has also increased, and there is no sign of mitigation in the short term.

The analysis shows that the main reasons for the rise in wheat prices include: first, the main wheat exporting countries are affected by drought, frost and rainstorm this year, and the top seven wheat export Treasury deposits are expected to fall to the lowest point in eight years; Second, Russia, the largest shipping country in the previous quarter, began to levy export tariffs this year to ensure supply and control domestic costs, and hinted that there might be overseas sales quotas; Third, the import demand continues to increase; Fourth, fertilizer is more expensive.

Source: Economic and Commercial Department of the Embassy in the Republic of the Philippines