Worried about energy prices? Well, you should start worrying more about the empty bread bin.
Twenty-nine percent of the world’s grain comes from Ukraine and Russia.
Russia, Belarus and Ukraine have banned the export of all grains as a direct consequence of Putin’s War. And, because of our interconnected world, when there is a shortage of one type of grain it has a ripple effect on every other.
Commodity brokers are now predicting shortages and high prices not just for wheat but also for rice, millet, rye, maize, barley, oats and sorghum. This is on top of a 50 percent increase in prices in just six months caused by a 20 percent lower than usual harvest because of climate change issues.
Then there is the impact that less grain will have on livestock production as just about every farm animal needs commercially produced grain. Everything from chicken nuggets to fillet steak is going up.
Vegans and vegetarians will be no better off. Add to the above scenario that all grain and vegetable crops are likely to be hit by a lack of fertiliser as 18 percent of the world’s potash comes from Belarus. That means lower yields and higher prices for everything that grows in the ground.