Erbil mayor vows firm measures against businesses taking advantage of increasing food prices

ERBIL (Kurdistan 24) – Erbil Mayor Nabaz Abdul-Hamid has vowed to take firm measures against businesses taking advantage of rising food prices in order to profit.

“The war in Ukraine has caused some unrest in the local markets in Erbil, and the prices of some food materials have risen,” Abdul-Hamid told a press conference on Monday. “Some people are taking advantage of this situation by raising the price of cooking oil, which is the main material used for cooking dishes.” 

“Some businessmen started to store extra amounts of food so they can later sell them at higher prices,” he added.

“We will not let them get away with this.”

The mayor also reassured people that there is no need for panic over food shortages, pointing out that stores in the region are still full of food and the border gates remain open for additional imports. 

The war in Ukraine has had global economic implications, including the highest oil and gas prices in over a decade. The cost of food has also markedly increased across the Middle East, including Iraq. 

Fear of rising food prices in Iraq and Kurdistan has prompted many to hoard cooking oil, rice, and flour, from markets across the country. 

Furthermore, some businessmen in the Kurdistan Region and Iraq put enormous quantities of foodstuff in storage to further drive up food prices so they could make more profits. 

Government offices in Baghdad and Erbil are responding with firm measures against businesses attempting to profiteer in this way.

“The war in Ukraine has increased the price of food materials in Iraq,” Iraqi Minister of Trade Alaa Ahmed al-Jubouri told Kurdistan 24 correspondent Shivan Jabari on Sunday.

“The price of some food items increased 40 percent.”

Read More: ‘War in Ukraine has increased food prices in Iraq’: Trade Minister