The tremors of the Russia- Ukraine war are being felt all over the world as NGOs, world leaders, businesses and citizens rush to help the embattled country. Its consequences, however, go far beyond a humanitarian disaster; it has already increased oil costs, and it is taking a toll on food prices as well.
Ukraine, also called "Europe's breadbasket," is a global leader in grain and seed oil production.
North Africa, the Middle East, South Asia, and other European countries import a huge portion of the country's exports.
On the other hand, Russia is also a leading producer of crops.
The two countries exported about 60 percent of the world’s sunflower, cottonseed, and safflower combined, in 2020.
Along with that they both also exported about 24 percent of barley and 26 percent of wheat and meslin in 2020.
Rising Global Food Prices
Food costs are predicted to rise as a result of the Russia- Ukraine war, which is already a volatile market where prices have risen to their highest level in more than a decade.
This isn't the first time, though. In the early days of the pandemic, in 2020, Russia stopped grain exports, much as it had done a decade before after drought and wildfire-ravaged the country's agricultural sector.
Both of these incidents pushed up grain prices all around the world.
"The crisis strikes at a time when international food markets are already grappling with rising prices and the aftermath of the COVID-19 pandemic," Adriana Herrera, chair of the G20's Agricultural Market Information System (AMIS), stated.
"Aside from wreaking havoc on the region's humanitarian situation, the crisis threatens the food security of millions of people around the world who rely on affordable food from international markets for their daily sustenance," she added.
