Mamma mia, noodles are getting more expensive!
Durum wheat prices in Europe have risen by more than 20 percent in a short period of time – and there is no end in sight to the boom. This is what “Agrar Hoje” reports.
This means that consumers will have to pay more for spaghetti, tagliatelle, rigatoni and the like. According to the industry portal, this is due to the drought in major exporter Canada (which supplies around half) and bad weather in Europe.
Emptier warehouse than 30 years ago
The International Grains Council predicts that global durum wheat production this year and next will reach its lowest level in 22 years. With the consequence that the fields will be emptier than they have been in three decades.
Limited supply is causing prices to skyrocket. “Agrarian Today” writes about a “shock to markets”.
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Market research firm Nielsen reports that retail pasta prices in Europe have already increased by around 20 percent. It is not yet possible to say what awaits German pasta lovers in the supermarket. Analysts assume there is still plenty of room for price improvement.
Crisis meeting in Italy
A ton of durum wheat currently costs 412 euros in Italy, the home of pasta. This represents 70 euros or 20 percent more than in July. The Italian government has now called an emergency meeting because prices of basic food products have risen by more than double the national inflation rate.
Some countries are already reporting a mass emergency. “There is a major shortage of durum wheat in Tunisia, a tense situation in Algeria, a major shortage in Morocco, poor or very poor quality in Italy and essentially a crop failure in Spain,” said analyst Neil Townsend.
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Source: BILD August 14, 2023