Food shortages and rising prices for wheat, corn, and other foods

Jenn Leach

The war in Ukraine is having an impact on the global food supply and food prices are rising. In a statement regarding food shortages on March 24, 2022, President Biden said:

With regard to food shortage, yes we did talk about food shortages, and it's gonna be real,"

He said this in reference to sanctions placed on Russia by the U.S. government.

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Deposit Photos

"The price of the sanctions is not just imposed upon Russia,"
It’s imposed upon an awful lot of countries as well, including European countries and our country as well."

As food prices have already started rising, many Americans are starting to feel the impact. Russian oil is banned in the United States, which fueled the rise in gas prices. Next, Americans can expect continuing rises in prices at grocery stores in the coming months.

Dan Varroney, supply chain expert and founder at Potomoc Core said:

It comes an absolutely horrible time for American consumers because we're looking every day at inflation almost reaching 10%,
Last month's figures were close to 8%. And that means that consumers, including those that are living paycheck to paycheck, are going to pay more for food.

What products are being impacted?

Wheat, corn, and other foods will experience a rise in price. Russia and Ukraine alone hold 25% of the world’s wheat supply.

The USDA’s food price outlook report uncovered this…

  • Restaurant purchases are 6% higher compared to January 2021
  • Grocery store purchases are up 7.4% compared to January 2021 and up 1.2% compared to December 2021
  • Fish and seafood expected to rise between 3.5% to 4.5% in 2022
  • Dairy expected to rise 2.5% to 3.5% in 2022
  • Fats and oils expected to rise 2% to 3% in 2022
  • Cereal and bakery products expected to rise by 2% to 3% in 2022

USDA said:

All food prices are now predicted to increase between 2.5 and 3.5 percent

What do you think about this?

Share your thoughts in comments and feel free to share this article on social media and with your friends and family, if you'd like.

Disclaimer: This article is only for educational and informational purposes.

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# inflation# gas price# oil price# food shortage# 2022

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