World wheat prices are greeting Cyprus too

Limassol / CY. (cm) ALL bakeries will increase their prices by due to the international increase in wheat prices, the «Cyprus Mail» gives us a short definition about the bread market in Cyprus. Two bakery chains have already upped their prices – Famagusta Bakeries and Michael Kazazis Bakeries – while one of the most popular ones, the Pancyprian Bakeries’ Company, will increase its prices now. Zorbas, Pandora and Marangos are expected to raise the value of their products in the next days. As of July 15, bakeries have had to pay 30 GBP to 40 GBP more for each ton of flour, increasing their expenditure by 13 per cent. Prices will vary among companies due to the large amount of bakeries on the island and the industry’s healthy competition. Most products will become more than ten per cent dearer. This is the second time in a year that wheat products have increased, «Cyprus Mail» writes. Prices initially shot up in mid January, while it is uncertain whether or not there will be further increases by the end of the year, taking into consideration the instability of prices on a European level. The prolonged downpours and floods in north-west Europe, combined with the heat waves and drought in the south east, have also contributed to the problems faced in wheat production. According to a recent survey by the European Commission, cereal production has decreased by 1,6 percent across Europe in the past year, compared to the average of the past five years.