A reduction in flour prices should be expected in Azerbaijan, according to expert

Published 2022년 11월 28일

Tridge summary

Azerbaijan is facing a significant gap in its food wheat needs, with local production covering only 25% due to climatic conditions and limited suitable land. To address this shortfall, the government has increased wheat imports, which have surged by 34% in value and 7.4% in volume compared to the previous year, reaching over 956,000 tons in the first 10 months of 2022. Despite these efforts, wheat production in the country has decreased by 7.9% compared to the same period last year. The recent decrease in imported wheat prices, attributed to a global downward trend, has led to expectations for retail prices to follow suit. Economist Khalid Karimli has urged the government to adjust local prices in line with global trends to better reflect the market situation.

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Original content

Currently, local production meets only a quarter of the country's need for food wheat. In recent months, the price of food wheat imported to Azerbaijan has decreased. According to the State Statistics Committee, the average price of one ton of food wheat imported into the country in October was 569.15 manats. Compared to September, this price is 27 manats or 4.5% less. Compared to July, this indicator decreased by 127 manats. The average price of one ton of food wheat imported into the country in July was 696.53 manats. Economist Khalid Karimli told Sputnik Azerbaijan that as part of the food security program, Azerbaijan has increased wheat imports. As for wheat prices, the expert noted that wheat has been falling in price on the world market for several months. The state tightly controls this sector, although flour and bread are not included in the list of goods with regulated prices. The expert believes that it is time for the government to give recommendations on the formation ...

Source: Zol