(ANSA) – MILAN, 01 JUN – The increase in food prices and the decrease in supplies following the war between Russia and Ukraine will probably last until 2024 and perhaps even beyond, according to what S&P Global Ratings indicates in the report ‘The Global Food Shock Will Last Years, Not Months’.
Fertilizer shortages, export controls, disruption of global trade and rising fuel and transportation costs will put upward pressure on the cost of commodities.
Our analysis shows that low- and middle-income countries in Central Asia, the Middle East, Africa and the Caucasus may be most affected by the first impact, ”said Samuel Tilleray, S & PGlobal Ratings credit analyst.
The food price shock will affect GDP growth, fiscal performance and social stability, and could lead to rating actions based on the responses of individual countries and international organizations.
Ukraine and Russia, both or individually, are among the world’s top three exporters of wheat, maize, rapeseed, sunflower seeds and sunflower oil. Together, they account for 12% of all food calories exchanged. Russia and Belarus were the first and the sixth largest exporter of fertilizers globally in 2020. (ANSA).
Source: Ansa
I have been working in the news industry for over 10 years now and I have worked for some of the biggest news websites in the world. My focus has always been on entertainment news, but I also cover a range of other topics. I am currently an author at Global happenings and I love writing about all things pop-culture related.
