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Prices of staple food expected to soar as Russia continues to block Ukraine's ports: UK
By Ishika Dangayach - May 25, 2022, 04:31 AM ET
Last Updated - Feb 29, 2024, 12:21 PM EST
Moscow’s invasion of Kyiv has already placed indirect pressure on global grain prices
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The British Defense Ministry in its intelligence report reiterated worldwide worries about the price increases of staple foods due to the blockade of Ukraine’s Black Sea ports.
“There has been no significant shipping activity in or out of Odesa since the start of the war,” the ministry said in its report. “Russia's subsequent naval blockade of key Black Sea ports has deterred the commercial shipping industry from operating in the area.”
The lack of shipping capacity caused by the Russian blockade is unlikely to be compensated by Ukraine's overland export systems. As a result, large amounts of grain from Ukraine stay in storage, unable to be exported.
Meanwhile, fighting has already placed indirect pressure on global grain prices.
“While the threat of Russia's naval blockade continues to deter access by commercial shipping to Ukrainian ports, the resulting supply shortfalls will further increase the price of many staple products,” MoD said in a tweet.
Picture Credits: AP
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