Bread prices increase in Istanbul, Turkey following wheat flour price hikes

White bread is the most important staple food in Turkey and bread prices have increased by 20% in the city of Istanbul from $0,80 per kg to $0,95 per kg.
Bread prices are regulated by the Istanbul Chamber of Commerce and the last price increase was last year. According to bakeries, the main reason behind price increase is the price increases in wheat flour that is the main ingredient in bread making.
Wheat flour prices are closely affected by wheat imports and depreciation of the local currency (TRY) against the US dollar has played an important role in the price increase.