Food prices will increase by more than 50% until the new harvest, according to an economic analysis by the Bulgarian Academy of Sciences. Experts suggest government aid to producers and low-income people.
“Food prices are three times higher than a year ago. Bread grains have risen in price twice, sunflower seeds three times more expensive, fuels and energy three times more expensive. In this situation, until the new harvest in the most optimistic scenario, food prices will continue to rise,” predicts Ognyan Buyukliev from the Institute for Economic Research of the Bulgarian Academy of Sciences.
“Our optimistic forecast is that prices will rise by about 50% by October 1. The pessimistic scenario we have developed if the war lasts a long time and the sanctions at least until the end of the year – at least three or four times or over 200%. If the war is over, the realistic scenario is about 100%.”
Therefore, the recommendations in the analysis are for aid to producers and low-income consumers.
“With such a jump in prices, farmers must be supported. There is no way out, food vouchers.”
If the war in Ukraine drags on, a global food crisis is looming, Buyukliev predicted.
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