Global wheat prices increase threatens food costs

Global wheat prices have risen to their highest levels in over three years due to a decline in exports from the Black Sea region, caused by the ongoing war between Russia and Ukraine, rising energy costs, and concerns over falling inventories in importing countries. Attacks on Black Sea ports have disrupted grain shipments, leading to a shortage of supply and higher prices, with futures contracts for wheat increasing by 40% compared to June levels. Additionally, a wave of droughts, along with rising diesel and fertilizer costs, has led to decreased production, posing a threat of a new wave of food inflation—particularly in low-income countries that heavily rely on importing wheat.

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