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CED’s Policy Backgrounders provide timely insights on prominent business and economic policy issues facing the nation.
Russia’s invasion of Ukraine set off a round of severe price increases for basic foodstuffs including grains, notably wheat, and sunflower oil, which were already elevated by the pandemic’s impact and supply chain issues. Food prices have also been impacted by the major disruptions in the energy markets, resulting from Russia’s invasion. Food processing, transportation, and the price of fertilizer, are among the energy intensive inputs into food supplies that fluctuate with the price of energy. Demand for corn for ethanol has also increased, also putting pressure on supplies of corn and exacerbating food shortages. The rising food prices have made the challenge of controlling inflation and ameliorating a recession that much more difficult. As the invasion continued into the spring planting season, the UN warned of a severe food crisis. That danger still persists – with many countries around the world at risk for further food insecurity because of higher prices and lack of supply.
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