The panic buying of sugar has increased in Kazakhstan as the prices are skyrocketing after Russia restricted the export of various commodities.
Russia has suspended the export of the commodity as a precautionary measure. The ban on sugar export has affected Kazakhstan the most as the country’s output hit due to drought.
Kazakhstan shares a land border with Russia and the country witnessed panic buying of sugar fearing its shortage.
The sugar prices have doubled in small shops in Almaty, said a spokesperson of a supermarket chain, Magnum. He said that they are not stocking sugar as they have found new supply routes.
“We normally keep a week’s stock but the recent sugar was bought two days ago and would soon end up,” he said.
Kazakh President Kassym-Jomart Tokayev stated that the sugar prices may make new highs due to the shortage of the commodity in the domestic market.
