The lower price of imported wheat has not been reflected locally yet. According to economist Pavel Isa Conde, interviewed by El Nacional reporter Emilio Ortiz, the lower international prices of some foodstuffs and raw materials has not been reflected in the domestic market because the raw materials are regulated by import quotas meaning less competition. Isa Conde said: “Part of the benefits or savings could have been taken by some agent in the supply chain that leads to the final effect being reduced.” The other imported foods with quotas include rice, beans and onions. Isa Conde also highlighted that the fall in prices of some raw materials has not been as dramatic as in the case of crude oil, not even close. He added that in most cases prices are quite stable and this is why local consumers have not seen any reductions.
