Financial and business news from Bulgaria

The price of two mass products in Bulgaria goes upwards

Oil rose by 23 per cent in the past year. This was stated by the Chief Executive Officer of the Sofia Commodity Exchange (SBS) Vasil Simov during the annual briefing of SBS on the trends for rising and decreasing prices in BTA exchange trading.
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By his words this is due to the surge in its price at the exchange bazaar in Rotterdam, which determines the price value of oils for consumption of wholesale across Europe. In the second largest city in the Netherlands, vegetable fat grew by 32 per cent.

Traditional salad flavor enhancer, however, is not the only one of the main products in the consumer basket, whose price goes upwards. In the period January - December 2020 sugar in Bulgaria jumps by 6%, while globally its increase is 10 - 11 per cent. With flour, no significant appreciation is observed.

According to the other executive director of the ABS Desislava Ivanova, “the pandemic has disrupted the functioning of market mechanisms”. Rumors of wheat exports from Russia and the introduction of the DICT by Russians have caused the rise in grain prices in Europe.

Simov stressed that over BGN 440 million have been traded “on the floor” of the ABS in the past year and the concluded deals number 1376.