【Price increase of 40%! 】 Wheat prices hit a 14-year high, and the price of bread in many countries rose! The United Nations warns that #Wheat prices hit new highs due to the situation in Ukraine # Ukraine and Russia are the world's leading wheat exporters. As the situation in Ukraine escalated and wheat prices rose to nearly 14-year highs, consumers around the world had to spend more money on bread. The United Nations World Food Programme has warned that disruptions in the supply chains of Russia and Ukraine will jeopardize the food security of millions of people around the world.
The situation in Ukraine pushes up wheat prices and threatens food security
According to Reuters data, Russia and Ukraine together account for about 30% of the world's wheat exports, and corn exports account for about 20%. As the situation in Ukraine tightened, trade in Black Sea ports was seriously disrupted, pushing up the price of grains such as wheat. Wheat prices on the Chicago Board of Trade have risen as much as 40 percent since the conflict between Russia and Ukraine broke out on February 24. The United Nations World Food Programme has warned that supply chain disruptions in Russia and Ukraine will jeopardize the food security of millions of people around the world. Among them, some countries in the Middle East and North Africa, which rely heavily on Russian and Ukrainian exports for food supplies, are particularly vulnerable.
U.S. and Canadian bakers have raised prices
Even in the United States and Canada, wheat growers far away in North America, soaring wheat prices have put "pressure" on bakery owners and flour millers. In response to problems such as dwindling flour inventories and rising costs, many bakery owners have had to raise the price of bread and shift the increased costs to consumers. Rob McKay, president of the American Baked Goods Industry Association, said that in the short and medium term, the price of baked goods and grains in the United States will continue to rise. The most vulnerable groups in society will be hit the hardest.
Ukraine and Russia are the world's largest wheat exporters
Known as the "granary of Europe", Ukraine is a major exporter of corn and wheat, and according to industry estimates, Ukraine previously exported five or six million tons of grain per month. Russia is also a major global wheat exporter, producing around 76 million tonnes of wheat in 2021. (CCTV Finance)
