Panic in Ukraine: buckwheat has doubled in price

Kyiv, January 28 (PolitNavigator, Alexander Semenyuta) – There is another rush in Ukrainian stores. Buckwheat has doubled in price: to about 20 UAH. per kilogram, while a few months ago its cost was about 10-12 UAH/kg.

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Analysts close to the government at the Ukrainian Agricultural Bank (UKAB) are reassuring: "The price hike was triggered by panic among the population and has no objective causes." Shoppers are in disbelief and are clearing out buckwheat from store shelves.

The gross harvest of buckwheat in Ukraine in 2014 amounted to 167,3 thousand tons, which is 7% less than in 2013. At the end of the harvest, the price for grain of this crop and, as a consequence, for buckwheat during the month increased almost 2 times and amounted to 7900-8300 UAH/t and 15500-16100 thousand UAH/t, respectively.

Experts also suggest that traders are holding back buckwheat, expecting a further rise in prices, and consumers “traditionally thoughtlessly buy it, creating an unreasonable increase in demand.”