Ukraine conflict could hit food costs
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Russia’s invasion of Ukraine could destabilize global food prices. Dozens of countries around the world rely on Russia’s and Ukraine’s bountiful supplies of wheat, corn, and vegetable oil
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Food and Agriculture Organization’s food price index

Vegetable oil 
Cereals 
Dairy
Sugar 
Meat
 
Points 
175
150
100
50
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan

May 2021: World food prices increase for 12th consecutive month 

185.9  174.9 185.9

125.0  133.7 140.6

Jan 2022: Prior to invasion, Ukraine expected record wheat exports

111.2 121.1 132.1

96.0  107.4 112.6

94.2  106.8  112.8

28% Rise in global food prices during 2021

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Share of global food exports
Ukraine
Russia

WHEAT 29%
10% 19%

CORN 17.3% 
2.3% 15%

BARLEY 32%
15% 17%

SUNFLOWER OIL 75%
25% 50%
        
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Source: Bloomberg, FAO, University of Illinois Picture: Getty Images © GRAPHIC NEWS