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Value of Wheat Set to Rise by 40%

In a joint conference between the Regional Secretariats of Economy and Finance, Rui Barreto and Rogério Gouveia, they announced the creation of a strategic cereal reserve in Madeira, with the aim of guaranteeing the supply, and supply of cereals for breadmaking and other regional needs, in what has been termed an ‘imperative’ plan for Madeira.

The reserve will be created in the Madeira Free Trade Zone (ZFM), in a space owned by the Insular company. By doing this, the region wants to avoid any cereal shortages by increasing stock capacity.

Rui Barreto explained that this constitution aims to fill the gaps that may arise because of the current global context which forecasts a 40% rise in the price of wheat by the end of the year.

In a statement, the Regional Government (RG) declared that similar to the pandemic they will take the necessary action to guarantee the supply of grain to the bakery sector, which is dependent on maritime transport. Furthermore, the RG will bear the costs of the cereal reserve, at a time when the world is affected by the war in Ukraine.

The measure will come into force during the last quarter of 2022. and will remain in effect for one year.

Samantha Gannon

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