ERBIL, Kurdistan Region - Kurdistan Region Prime Minister Masrour Barzani on Tuesday called on people to avoid panicking after prices of some essentials surged in recent days, saying that store houses are full enough to suffice the Region for up to a year.
Russia’s invasion of Ukraine has led to a significant increase in food prices in Iraq and the Kurdistan Region, including a spike in the price of wheat and cooking oil. Many rushed to markets this week to buy essentials, fearing that prices could rise further, or that markets may run out of essentials.
Officials have warned that any business that exploits the crisis by increasing prices or saving goods will be punished - and some have already faced consequences.
“I would like to inform our people that there is no need to panic as all necessary procedures have been taken and the essentials [currently] available in the Region can suffice us for at least six months to a year,” PM Barzani said during a health event in Erbil on Tuesday.
“We have tasked the relevant authorities to closely monitor the market and ensure that those who exploit the prices by increasing them face the law,” he added.
Russia is the world’s top wheat exporter and Ukraine is known to be the breadbasket of Europe, with Middle Eastern states heavily reliant on Ukrainian agricultural products.
A Kurdish trader on Saturday said that the demand for flour purchases has “increased by 500 tons” since war broke out in Ukraine, with the Kurdistan Region fighting off a shortage of flour by lowering the price of domestically produced flour.
The price of fuel has also dramatically increased in the Kurdistan Region with many drivers waiting for hours in queues to buy cheaper benzene provided by the Iraqi government.
The Iraqi government announced a package on Tuesday, which included providing 100,000 dinars ($68) to public servants on a low income.
