Farmers say they could produce all the grain needed for breakfast cereals in New Zealand at cut prices.
Food producer Sanitarium has confirmed prices for cereals such as Weet-Bix may increase due to rising raw commodity prices on the global market.
Sanitarium says a review of pricing is underway, but any increase will be less than 10%.
International wheat prices have more than doubled in the past year as drought and fires in Russia and floods in Canada and Australia have hurt crops.
Federated Farmers grain and seed chairman says the simple solution would be to buy locally.
David Clark says farmers could supply wheat at about $450 a tonne compared to wheat coming from Australia at up to $700 per tonne.