Financial and business news from Bulgaria

Expert with alarming news about the price of food in our country VIDEO

A decline in global food prices reported the United Nations in its latest monthly analysis. The Vegetable Oil Index dropped 10 per cent from January, meat by 2 per cent and cereals by about 1 per cent.
If the cheaper meat and milk powder makes sense to look for Chinese thread and link to coronavirus, then for dairy products and sugar we are seeing an appreciation worldwide. The explanation for milk is weaker supplies from New Zealand and Australia. For sugar — predicted drought in Thailand and contraction of production in India.

“We are currently in a highly competitive market that is very well balanced. Going prices down is almost impossible as the downward peaks have been reached. There is a lot of fierce competition and chickering in prices, which also reflects in production. That is, some producers are working on the brink of survival,” the chairman of the State Commission for Commodity Exchange and Markets Vladimir Ivanov told Nova TV.

“The parallel reduction in the price of gas and the situation around the coronavirus will perhaps give a breath of air to the producers, but the price will not go down”, he is adamant.

“It is pointless for people to stockpile on food because of the coronavirus. In a normal household, there are usually reserves of food for 7-10 days. There is no room for concern,” said Vladimir Ivanov.