Ukrainian Port Blockade Could Send Global Food Prices Soaring

The prolonged blockade of Ukrainian ports could cause global agricultural commodity prices to rise by up to 30%, according to Agriculture and Food Minister Taras Vysotskyi.

Vysotskyi noted that the main wave of price increases will begin after the harvest season ends. He stated, 'There is a large harvest this year, so we are not seeing any major impact on prices yet.'

The minister explained that if the port blockade continues, up to 30 million tonnes of agricultural products may fail to reach international markets.

Vysotskyi also mentioned that low grain prices on Ukraine's domestic market do not automatically mean cheaper bread and other food products. He stated, 'The impact of raw material costs on finished product prices is delayed.'

In 2022, prices across all food products rose by an average of 24.5%, while some products doubled in price.