The Russian invasion of Ukraine, a major grain exporter, will raise food prices worldwide and worsen unrest in countries dependent on food imports. Ukraine has some of the world’s most fertile soil. Although America doesn’t import much Ukrainian food, international markets will still likely cause grain prices to rise by about 10 percent due to international market pressures, according to Nathan Carson, a logistics expert. “Whether this war is a swift decapitation strike that Russia’s hoping for, or if it’s a prolonged fight, it is definitely going to impact spring planting,” he said. The damage caused by Russian President Vladimir Putin’s invasion comes at a time when markets already face shortages and supply chain disruptions, Carson added. Ukraine makes up 9 percent of global wheat exports, 15 percent of global corn exports, and 50 percent of sunflower oil exports, he said. Russia is also a major food exporter. Together, the …
Putin’s Invasion Will Raise Food Prices Worldwide
February 28, 2022
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Business & EconomyChinaeconomyEuropefood pricesinflationInternationalinvasion of UkraineRussia-Ukraine WarWorld
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