Wheat prices hit highs this week. Here's why you may pay more for your favorite sweet treat
Small business owners are watching the markets closely this week as the price of wheat earlier this week hit levels not seen in 14 years.
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Mar 10, 2022, 12:50 PM
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Updated 869 days ago
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7ds agoSmall business owners are watching the markets closely this week as
the price of wheat earlier this week hit levels not seen in 14 years.
“Within the next week, flour prices will be
going up drastically,” says Joe
Caputo, with Caputo's Bakery.
Since 1960, the family-run Caputo's Bakery has
operated in Long Branch, offering staples like Kaiser rolls and soda
bread - all made with high-end flour.
“St Patrick’s Day is a lot of bread, rye, Irish soda bread -
all flour,” says Caputo. “Next week is perfect timing, the perfect storm.”
A combination of factors - inflation,
rising fuel prices, supply shortages, backlogs and the
Ukraine invasion -led to soaring costs for Caputo and other
bakers. His delivery purchase went up 40% in just one week.
LIVE UPDATES: The latest developments on the Russia-Ukraine Crisis
“Certain size bags, boxes, cream cheese, graham cracker crumb was an
issue,” says Caputo. “There's a fuel charge on every delivery too.”
But like most small business owners, Caputo says
his customers remain loyal, even if it means paying more for a homemade
treat.
“We are the fabric of this country,” says
Caputo. “My grandfather came here in the '20s to open a bakery and
that's what made this country what it is."
Russia and Ukraine make up about one-third
of the world's wheat exports. The price of wheat is around 70% higher than it
was one month ago.
