Central Bank: Bread, pasta and meat prices will incur many hikes

The Central Bank has reported that bread, pasta, flour, bulgur, meat, milk and egg prices will see many hikes due to price increase in wheat and food. The Central Bank (CBRT) reported that the downpour of price increases in bread, pasta, flour, bulgur and grain products will continue for the next 4 months due to the increase in the price of wheat.

Pointing out that wheat prices had increased by 28.3 percent, especially after the Russia-Ukraine war, the CBRT calculated that wheat prices would increase, especially bread, grain prices, which would lead to a 17-point increase in consumer inflation.

In the same way, the bank reported that there was a risk of new hikes in red and white meat, eggs, milk and dairy products due to the hikes in feed prices.

The CBRT has published a critical analysis study that revealed the impact of wheat and feed prices on food inflation. In the study, the following determinations were made regarding the food hikes that would be experienced in the coming period:

MEAT AND MILK WILL ALSO GET A RAISE

In the study of the Central Bank, it was noted that price increases in cereals and fatty crops had increased domestic feed prices, creating pressure on increases in red and white meat, eggs, as well as milk and dairy products.

“Given this situation, geopolitical developments have significant effects on consumer food prices through external price pressures,” the study said.

SOURCE: sozcu.com.tr/2022/ekonomi/ekmek-makarna-ve-ete-zam-yagacak-7113787/