The Russian invasion of Ukraine is not only causing havoc worldwide, but also potentially causing prices of food staples to skyrocket. Ukraine is one of the world’s largest exporters of vegetable oils, cereals and sunflower seed oil and disruption in the food supply are feared by market experts.
Wheat is another of Ukraine’s major exports and ports that ship wheat and other products have been shut down as a result as well. This means that these products that are used in making bread, noodles and animal feed are in danger of shortages and price hikes.
Reduced food supplies can create food insecurity in places like Egypt and Lebanon where bread dominates the diets of their citizens and officials in Europe are also preparing for product shortages and potential price increases for meat and dairy products and livestock feed.
- At last check, 11 U.S. states have already pulled Russian-made vodka from shelves, but if Ukrainian farmers have to vacate their fields “there are worries Russia, another agricultural powerhouse, could have its grain exports upended by Western sanctions” according to The Associated Press.