Soybean Meal Price in Iran Skyrockets Due to Subsidy Cuts on Imported Food

The wholesale price of soybean meal in Iran surged by 323.2% WoW to USD 4.02/kg in W1 Jun-22. The price was steady at USD 4.02/kg throughout W5 Jul-22. When the government scrapped subsidies on food imports in May 2022, food prices shot up for soybean meal, as Iran depended on soybean meal imports to meet domestic demands. Furthermore, the annual inflation and food inflation in July 2022, which increased to 54% and 87%, respectively, resulted in the soybean meal price surge.