Food cost to rise across Europe after Putin block Black Sea grain exports
Ukraine has stopped exports of grains after Russia suspended its participation in agreements that allowed shipments via the Black Sea, blaming ‘drone attacks’ on its ships in Crimea, a claim Ukraine denies.
The deal signed in July between Russia and Ukraine and brokered by Turkey and the UN to unlock grain exports is critical to easing the global food crisis caused by the conflict.
The agreement have seen more than nine million tonnes exported from Ukraine, one of the world’s largest exporters of grain and the agreement was due to be renewed on November 19.
The blockade places further pressure on the already escalating price of wheat products across Europe, which have seen bread and pasta items risen in inflation by double digits.
Despite transport costs falling, the majority of goods and services continue to rise affecting inflation.
Inflation figures from the Office for National Statistics (ONS) show there is not a single type of food or drink that has not gone up in price since 2021.
And the increases are not confined to groceries, with the cost of other goods and services such as energy bills also soaring.
The UK’s inflation rate reached 10.1 per cent last month, hitting another 40-year high.