Nothing to see here, just once-in-a-generation spiraling food prices that probably aren't even close to done spiraling yet:
Prices for food commodities like grains and vegetable oils reached their highest levels ever last month largely because of Russia's war in Ukraine and the "massive supply disruptions" it is causing, threatening millions of people in Africa, the Middle East and elsewhere with hunger and malnourishment, the United Nations said Friday.
The U.N. Food and Agriculture Organization said its Food Price Index, which tracks monthly changes in international prices for a basket of commodities, averaged 159.3 points last month, up 12.6% from February. As it is, the February index was the highest level since its inception in 1990.
FAO said the war in Ukraine was largely responsible for the 17.1% rise in the price of grains, including wheat and others like oats, barley and corn. Together, Russia and Ukraine account for around 30% and 20% of global wheat and corn exports, respectively.
I mean honestly at this point you might just be better off eating the money itself.
And, you know, I don't know...I'm no global market expert or something, but maybe it wasn't the greatest idea in the history of the world to put literally half of the most important commodity exports in the world in (a) a basket case quasi-dictatorship country, and (b) a really vulnerable country located directly next door to the basket case quasi-dictatorship.
It's not good, folks, and it probably isn't gonna get better for quite a while. Batten down the hatches.
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