|Wheat and corn prices soared more than 19% last month as war + sanctions crush supply from the key Black Sea “breadbasket” region. Food staples are running low as Russia bombs Ukrainian wheat fields and critical shipping ports remain closed.|
Corn Flakes price hikes… are just one ripple effect from a major crisis. Americans notice food inflation in the form of pricier General Mills Cheerios or Kellogg’s Pop-Tarts.
The pandemic gave us shortages and sticky inflation. Now Russia’s war on Ukraine — plus Covid lockdowns in China’s farming provinces — are making a bad situation worse. From fertilizing manure to diesel, the inputs that power the world’s agriculture industry are in short supply. These shortages are causing food prices to surge at their fastest pace ever: a record 13% jump last month.
Wheat and corn prices soared more than 19% last month as war + sanctions crush supply from the key Black Sea “breadbasket” region.