Ukraine-Russia Conflict Threatens Global Food Supplies
The ongoing war between Ukraine and Russia has escalated to a point where it threatens global food supplies. The conflict has already driven up prices, with cereal prices rising 3.4 percent month on month in July, and wheat prices increasing by 5.8 percent.
Ukraine's strikes on Russian economic and agricultural targets have resulted in the deaths of at least three people, including a child, and the stoppage of work at major grain terminals in Novorossiysk. Russia's Foreign Ministry spokesperson Maria Zakharova stated that as a result of Ukrainian strikes, global food prices and grain shortages would inevitably rise.
The conflict has also affected Ukraine's ability to export its agricultural products, with dozens of cargo ships and bulk carriers being hit in the Black Sea. According to an updated World Bank study, 41.6 percent of Ukrainians now live in poverty compared to 37 percent just a year ago.