Experts understood that the conflict between Ukraine and Russia would have a major effect on the world food supply and, consequentially, food prices. Now we are starting to get an understanding of what the horrific impact would be in a report of survey data from S&P Global on Monday.
Worldwide food shortages surged to the highest level on record and the food prices jump is the second-highest level ever recorded. It has caused panic buying of some products similar to the toilet paper crisis we experienced at the start of CV.
This has one Biden official calling this a catastrophic effect of the Ukraine war.
S&P Global economist Usamah Bhatti agreed by concluding that the war in Ukraine and China’s stringent restrictions to deal with CV is the main culprit behind the recent food inflation.
“Food markets also saw a sharp uptick in reported disruptions. Supply shortages surged in April to reach a joint-record level as the war in Ukraine continued to hit global food exports. Reports of increased food prices were meanwhile at the second-highest on record,” said Bhatti.
“As the war in Ukraine continued and China imposed some of the most stringent restrictions since the initial onset of the pandemic, risks to the short-term price and supply outlook remain skewed to the downside,” concluded Bhatti.
This does not come as a surprise to the Biden administration.
United States Agency for International Development administrator Samantha Power said on ABC’s “This Week” that rising global food shortages are another catastrophic effect of the Ukraine-Russia conflict. Powers stated that global food prices were up 34% from a year ago.
We saw wheat prices jump 37% at the start of the war as Russia and Ukraine accounted for 30% of the world’s wheat and barley. This has affected many impoverished countries with vulnerable populations causing hunger to rise.
Also, Europe is facing an odd cooking oil shortage that is being called the new toilet paper crisis as panic buying led to severe restrictions on the purchase of cooking oil.
This just shows Biden’s lack of leadership to deal with another crisis facing the country. A new ABC News/Washington Post poll this week confirms this mindset as 68% of all Americans blame Biden for higher inflation.
Do you agree with the 68% who blame Biden for not controlling inflation?