Bakeries raise prices as cost of wheat soars

MORE than just dough is rising as a global shortage of wheat whips up the prices of bread, cakes and other flour-based products sold here.

Prima, the only flour miller and the largest flour supplier here, has raised prices for the second time in three months.

Other commodities cost more too

Soya beans

Soya beans now cost US$880 (S$1,130) a tonne, up from US$600 a year ago.

The reason: Tighter supplies as weather anomalies hit major soya-producing countries such as Argentina and the United States. Earlier this month, the US cut crop forecasts for the year, sending prices to their highest in 30 months.

Sugar

Prices have gone up by 30 per cent in the past year to hit the current $70 for 50kg.

The reason: Again, bad weather in major producers. The floods in Australia, for instance, have led to a 25 per cent cut in export forecast.

ORIGINAL SOURCE

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