Severe winter frosts followed by summer heatwave and drought have ravaged Ukraine’s grain harvest. However, the President reassured the nation on Wednesday that bread prices will remain relatively stable.
Ukrainian President Victor Yanukovich told his countrymen on Wednesday bread prices would not rise significantly, despite the low wheat harvest caused by the heatwave and drought.
[Victor Yanukovich, Ukrainian President]:
"Despite the fact that this year we will have slightly lower yield than we had last year, still the income we expect to get will be higher than it was last year. This is because of the situation in the world market. That's why I would say, that at the end of the day we don't have grounds to expect a serious rise of bread prices, or that there will not be enough bread. I say that we will have a relatively stable bread prices. Maybe we will have only a little price increase."
Ukraine is one of the world's top grain exporting countries, and is widely expected to introduce a grain export quota that will more than half exports.
Ukrainian specialists with years of experience cannot remember such unfavorable weather for the harvest.
kraine's grain harvests have been hit by severe frosts in the winter, followed by a scorching summer.