Russia's invasion of Ukraine is causing wheat prices to spike, exacerbating already high food prices
New York Russia's attack on Ukraine is causing wheat prices to spike, exacerbating already high food prices.
Wheat futures were up about 5.35% Tuesday, reaching prices not seen since 2008. The higher prices make wheat more expensive for food makers, who will likely pass those costs on to consumers. Ukraine and Russia together are responsible for about 14% of global wheat production, according to Gro Intelligence, an agricultural data analytics firm. The two countries supply about 29% of all wheat exports.
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