Ukraine is one of the biggest food exporters in the world, and its ability to ship grain from its ports has the ability to influence how much Brits end up paying for their everyday favourites.
Sadly, Vladimir Putin’s full-scale invasion of Ukraine which included attacks on both food production and logistics already contributed to the rising prices.
For months, the top brass of global diplomacy was trying to persuade the Russian leader to sign a deal that would allow Ukraine to continue exporting its grain despite ongoing war. Their efforts worked for a while, with Black Sea Grain Initiative having resulted in tons of food having left Ukrainian ports.
Here are the foods that are likely to become more expensive for Brits.
Putin’s actions in Ukraine threaten global food insecurity
Vladimir Putin’s withdrawal from the Black Sea Grain Initiative, the agreement that allowed the safe passage of food goods from Ukraine, could lead to hikes in costs and make already high post-pandemic food inflation even worse.
Russia’s latest strikes on the Ukrainian port city of Odesa are reportedly Putin’s payback for damage to a nearly 12-mile bridge that connects the illegally annexed Crimean peninsula to the Russian mainland. But it is also a kind of terrorism, the food one, the experts fear.
While Kremlin doesn’t admit to food security blackmail, citing obstacles to its own exports as a reason to pull out of the Ukraine grain deal, the world leaders are already thinking about how to soften the consequences of food shortage that will affect not only European countries but also ‘the hungriest people in the world’ in developing ones.
The International Rescue Committee (IRC) said in November that the deal’s collapse would ‘hit those on the brink of starvation the most.’
Prices on these products are likely to spike
Ukrainian exports, particularly of grain, are vital for food security across the Global South, particularly in Africa and the Middle East.
Helen Dickinson, chief executive of the British Retail Consortium (BRC), warned of the spike in prices on everyday products such as bread and breakfast cereals as a result of the latest development in Ukraine.
According to Dickinson, Putin’s latest move could cause ‘global commodity prices to rise again’.
“ Russia’s withdrawal from the Black Sea Grain Initiative and subsequent targeting of Ukrainian grain facilities, as well as rice export restrictions from India are dark clouds on the horizon. We expect some global commodity prices to rise again as a result, and food prices will be slower to fall. “
According to World Bank, wheat prices on global markets have jumped 14% while maize is up 12% in the past fortnight. The International Monetary Fund also warned the collapse of the Black Sea grain export deal would push prices up by 15% overall.
Source : http://www.ohmymag.co.uk