War in Ukraine affects global food chain: meat, wheat, vegetable oil prices at all-time high
SPOKANE, Wash. — As the war in Ukraine continues, exports from the region are dwindling. This is driving up prices and putting more pressure on the global food chain.
The Food and Agriculture Organization (FAO) says the price of vegetable oils, cereals and meat are at an all-time high. Food products that would normally come out of the Black Sea region are in short supply as war devastates Ukraine. This is affecting what suppliers can stock at the store.
A supplier who works with the Washington Food Industry Association said:
“There is no question that the longer the Ukraine war lasts there will be pressure on grain-related items.”
Wheat prices are up over 19%, according to the FAO Index.
Thankfully, the world isn’t as reliant on wheat alone today. The Washington supplier also said:
“Our world food ingenuity has increased substantially over the last 20 years, and alternative products to grain products have been a significant focus in the industry primarily driven for health reasons.”
Global food prices are up 12.6% from February which is the highest increase since the food index started in 1990.
Ukraine is the largest exporter of sunflower oil, and Russia is next. Vegetable oils are also at a record high because of this.
As families celebrate Easter festivities, pig production in Western Europe didn’t keep up with the global demand, and pig prices also saw the highest spike in price since 1995.
Everyone is going to feel the supply chain shortages and global inflation from the war for some time now. The Food Industry Association says the best thing to do is allow the suppliers and producers to navigate the situation. They’re encouraging consumers to avoid panic buying if they see shortages of certain products at the store.
You can see the latest FAO Index and full breakdown of prices increases HERE.
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