The price of flour may be increased again in July!
Russia and Ukraine are the world’s leading wheat producers, producing 33 percent of the world’s wheat between them. The war between the two countries has had a significant impact on the supply of little noodles, there is a severe shortage of wheat, and the price of flour has risen again.
In 2022, the price of flour has been raised twice. The price of a 25kg bag of flour was raised to RM25 in January, and then again at the end of March. It is now expected to be raised once more in July. Wheat stocks have reached a low in many nations, and firms are scrambling to buy it.
The price of flour will rise, which will raise the price of bread, biscuits, noodles, and kuey teow, among other flour-based meals.
Consumers are being advised to prepare for the possibility that food prices in coffee shops and delis will rise again in the near future.
Furthermore, there is suspicion that May may usher in a wave of rising prices. From May 1, the government will introduce a RM1,500 minimum wage, which is likely to encourage domestic department stores.
The Russian-Ukrainian war began in late February and has lasted more than 40 days. International tensions are brewing as a result of the war’s skyrocketing raw material prices and supply chain disruption. International crude oil costs have also been high, putting a strain on the transportation industry, particularly air and maritime freight. The rise in transportation costs is beginning to be reflected in price increases.
