Due to the pandemic, food inflation has grown a lot worldwide, becoming the highest in the last 10 years. And as if that weren't enough, now the prices of some foods will increase even more.
After the start of Russia's attacks on Ukraine at the end of February, the economic market began to undergo several changes, and one of the biggest impacts of this is in the food sector. As Russia and Ukraine are responsible for 30% of world wheat exports and 20% of corn, trade disruption or damage from attacks will hurt thousands of people around the world whole.
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Ukraine has already raised the price of wheat to an all-time high in the last 14 years, following attacks on key wheat-producing regions. The Middle East and Africa will suffer greatly from shortages as they are heavily dependent on imports from conflict countries. This will cause a very large scenario of food insecurity for countries that depend on or rely on these foods to meet their needs.
In the United States, stores specializing in products based on these cereals are already experiencing an increase of up to 7% in prices due to inflation. The president and chief executive of the American Bakers Association commented on the scenario:
“Unfortunately for the short to medium term, food inflation and the cost of baked goods in the US will rise further. It will hit the most vulnerable in our society hardest,” said Robb MacKie.
And prices tend to increase more and more, which makes life more difficult for those who make a living from the production of wheat and corn-based products, and for those consumes these products on a daily basis. "It can be very, very devastating," said Louis Bontorin, co-owner of the 60-year-old family business. years. “Bread is one of the foundations, the essential, and that's the hard part. You are trying to get only what you need, but you are also aware of the effect (higher price) that this has on the consumer.”
So those who are used to having a bagel at breakfast can expect more increases in the coming days or weeks.
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