Since the war broke out in Ukraine, sanctions against Russia have led to an increase of world wheat prices, which have also affected Uzbekistan. This was announced today, 30 May, at a press conference devoted to food security issues, by the Chief of the Department under the Ministry of Finance Tulkin Mirzayev.
Commenting on the increase in flour prices, the Ministry representative stated that the country was not able to fully support itself with grain products, and the situation in the international arena affects Uzbekistan too.
“There is a reasonable question: “Why prices are getting so high.” Wheat cultivated in our country does not fully cover domestic consumption. It is based on our natural, climatic conditions. World wheat prices rose sharply due to the political crisis in Russian-Ukrainian relations and sanctions imposed against Russia. Historical maxima have been updated in places. All this is also reflected in our market because we are also part of the global community. We cannot stay isolated from such prices,”-Mirzayev said.
According to the representative of the Ministry of Finance, the sale of wheat on the stock exchange in Uzbekistan is expected to help stabilize prices and reduce them in the near future.
For reference, due to the situation in Ukraine, two major suppliers of wheat were cut off from the international market. Export of wheat from Ukraine stopped after the loss of ports, and Russia banned the sale of grain under the pretext of securing the domestic market. Moreover, India, the world’s third-largest grain market, has also restricted wheat exports.