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President Saleh Orders Reducing Wheat Flour Prices
  Written By:  Hasan Al-Zaidi ( YEMEN POST STAFF ) 
  Article Date:
May 05, 2008 

 

 

There has been no decrease in wheat prices despite President Saleh directives demanding the Commerce Chamber to work for reducing wheat prices after its world prices drop with 40 percent.

General manger of Yemeni Trade and Commerce Chambers Union Mohammed Al-Maytami pointed out that the news speaking of dropping in wheat prices at 40 percent is not completely accurate.

Al-Maytami added that the world decrease in wheat prices will not reflect the same percentage in Yemen, hinting that food prices in the country could not be affected by a world decrease.

He further revealed that the reflection of prices drop needs time to be realized in the domestic market especially when traders have already booked future deals.

He maintained that the market response under price increases is susceptible to psychological factors while price drops need quite a long time to be realized, hinting that food prices in the domestic market is affected by several factors like shipping and transporting fees and insurance.