Wheat Cost On the International Market Can Impact Local Wheat Products

• Permanent Secretary in the Ministry of Finance, Mike Sylvester, warns that the citizens of Grenada should be mindful of the impact the ongoing war in Ukraine can have on their livelihood and living conditions as the prices of basic food items have risen sharply in recent days. 
• The country has seen where the price of a bushel of wheat has increased from US$800 to US$1,200 in March. Like fuel, Sylvester said these prices will reach the island, as they are price takers, and have no influence on how these prices are determined. 
• While the country’s wheat is imported from the US market, due to the shortage created by the Russia-Ukraine war, some of the distributors and suppliers are tapping into the South American market. 
• Notably, while price increases for commodities began following the global lockdown during the early days of COVID-19 due to a major shortage of supplies on the market, this current crisis will only worsen the current economic conditions and further impede growth in Grenada if the conflict is prolonged.

(Source: NOW Grenada)