Farmers and working-class people around the world will face the brunt of growing food prices as the cost of wheat and fertilizer has soared since the war in Ukraine began.
While war rains over Ukraine, a sword of Damocles hangs over the global economy, especially in the developing world. Even before the conflict, developing countries were struggling to recover from the pandemic, with record inflation, rising interest rates and looming debt burdens. Their ability to respond has been erased by exponential increases in the cost of financing. Now their breadbasket is being bombed.
All of this is hitting the poorest the hardest and planting the seeds for political instability and unrest around the globe. Grain prices have already exceeded those at the start of the Arab Spring and the food riots of 2007, 2008. The FAO’s global food prices index is at its highest level ever. Forty-five African and least developed countries import at least one-third of their wheat from Ukraine and Russia; 18 of those countries import at least 50%.
So, Raj, together Ukraine and Russia provide something like a quarter of the world’s wheat. Can you talk about how Russia’s invasion of Ukraine is threatening the Global South?Well, you’re quite right, Amy. Between Russia and Ukraine, about 28% of the global wheat trade, measured by weight, comes from Russia and Ukraine. So, for some countries, like, for example, Eritrea — Eritrea imports 100% of its wheat from the combined sources of Russia and Ukraine.
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