Today, food importing developing countries, are facing serious food security challenges amid rising global food prices. Food security is the most important component of the economic security system of almost all countries. Wheat production is a strategically important product for many countries, including Azerbaijan, in terms of food security. The main purpose of the study is to illustrate the dynamics of wheat prices, production, consumption and trade in recent years, both globally and in Azerbaijan, as well as to study the main causes of high wheat prices on the world market and discuss their possible impacts on our country.