Russia’s invasion of Ukraine, one of the world’s breadbasket nations, has driven wheat prices to 14-year highs, forcing bread consumers to eat the cost. Russia’s Feb. 24 invasion has severely hampered trade from Black Sea ports, driving up global Chicago benchmark wheat prices by 40% and further pushing global food inflation that was already the highest in a decade. Supply disruptions from Russia and Ukraine, which together account for 30% of world wheat exports and 20% of corn exports, will erode food security for millions of people, with the Middle East and North Africa especially vulnerable due to their reliance on imports, said Julie Marshall, spokesperson for the World Food Programme. Oil and gas prices have also spiked due to sanctions against Russia, while costs of freight and raw materials like steel were already soaring due to pandemic-related supply chain breakdowns. read more […]