Wheat prices will return to previous low levels
The Source: www.sabanews.net - 17/1/2009
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The hike in the wheat prices is mostly tied to the very cold weather
conditions as many areas in the world where wheat grows have witnessed
ice fall, deputy chairman of the Secretariat Capital Chamber of
Commerce and Industry said.
Recently, the wheat prices have risen to between 15-20 percent.
Muhammad Salah, however, affirmed the wheat prices will return to their previous low levels and maybe lesser.
He
warned people against buying large quantities of wheat as such a move
may cause a shortage crisis of this very crucial foodstuff.
The
deputy pointed out that the ministry of Industry and Trade is closely
following up domestic and global prices of wheat, assuring the coming
agricultural seasons will bring good news.
The last year saw
food and fuel price hikes. but Oil prices, which hit record highs
above $147 a barrel plunged by the end of the year to under $ 31.
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