Russia's War With Ukraine Increasing Wheat Prices

NORTHRIDGE, CA - Wheat prices are rising due to Russia's war with Ukraine this month. Increasing risks of food shortages and hunger globally.

Photo credit, Andrey Rudakov/Bloomberg. Wheat being harvested in Krasnodar, Russia.

Farmers in the United States are being affected when it comes to fuel cost, fertilizer and other components to grow wheat. Fertilizer costs are rising because of high demand and expensive gas prices.

Food prices around the world have already begun to surge because of the pandemic and reached an all-time high in February.

They increased by about 2.1 percent according to the U.N.

The war in Ukraine will continue to raise food prices as the supply from "Breadbasket of Europe" has been cut in the meantime.

There is a possibility that this supply cut could be long-term depending on the end results of the war.

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The Ukrainian government stopped export of wheat and other food products this week.

Russia and Ukraine combined make up about thirty percent of wheat exports, said Mark Welch. The majority of wheat is important by countries in the Middle East and North Africa.

Countries such as Lebanon and Tunisia import more than half of their wheat from Ukraine.

Australia and India are having a successful period for wheat production, and this could possibly relieve the worldwide impact of the war in Ukraine.

Welch said that wheat prices and the impact of the war in Ukraine will remain unclear for a while and will depend on the length of the invasion.

Besides the increase in wheat prices, many western parts of the United States remain mired in drought.

Audio- What to expect from the rise of wheat prices.

By, Micah Hall

Contributions, NBC News

Photo, Andrey Rudakov/Bloomberg

Audio, Micah Hall

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