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Ukraine War’s Spillover Swamps Poor Countries Still Reeling From Covid-19
WSJ reports from Pakistan, Lebanon, Iraq, Turkey, Indonesia and Brazil show the effects of inflation in the price of grains, oil, cereals, other essential food supplies, and oil in these countries. In Beirut the price of flour is up 1000%. In Kenya bread prices are up 40%. In Indonesia the government has put price controls on cooking oil. In Brazil Petrobras increased oil prices by 19%. In Turkey a sharp increase in the price of sunflower oil caused panic buying. In Uganda price of vegetable oil has doubled, and wheat up 25%.
Russia and Ukraine supply one third of the cereal exports in the world and 52% of the sunflower oil. Higher fertilizer prices are a problem for farmers as Russia is the largest producer of fertilizer.
Increase in wheat prices are an acute problem for Turkey which imports over 80% of wheat supplies and Egypt which imports 70%.
Overall World Bank officials say this could be a problem as bad as the coronavirus pandemic itself.
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