Russia’s blockade of Ukrainian seaports has already led to a record rise in world market prices and will inevitably result in a global food crisis and rising inflation.
“Due to the blockade of Ukrainian seaports, 7 million tonnes of wheat, 14 million tonnes of corn grain, 3 million tonnes of sunflower oil, 3 million tonnes of sunflower meal, and other crops have not entered the world market. This has already led to a record rise in world market prices and will inevitably result in a global food crisis and rising inflation,” Minister of Agrarian Policy and Food of Ukraine Mykola Solsky said at the opening of the G7 Agriculture Ministers’ Meeting in Stuttgart on May 13, the Government portal reports.
As the minister stressed, the rise in grain prices leads to an automatic increase in prices for other basic food products around the world – bread, dairy products, meat, and eggs. This situation will be especially critical for the countries of Asia and Africa, where up to 40% of the population’s total expenditures account for food.
“Such a situation may trigger domestic political instability and possibly provoke an outbreak of conflict. On the other hand, the population will have to seek a better life on the borders of more developed countries,” Solsky predicts.
As a reminder, India banned wheat exports to ensure domestic food security and help neighboring countries.
Photo credit: minagro.gov.ua
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