China-Russia Information Network Moscow:The international indicator of wheat prices—Chicago futures prices have recently been around 6.6 US dollars per bushel, which is 40%higher than the low point in late June 2020. Analysts from Russia’s SovEkon said that the export price of Russian wheat has risen for the second consecutive week, mainly due to the increase in wheat prices on the Chicago and Paris exchanges.
Analysts say that European wheat prices have been rising in recent weeks. Last week, the prices of wheat and barley in Russia both rose by US$4 to US$284 and US$251 per ton, respectively.
”Global food prices continue to rise, and they are rising faster than inflation and income growth.” Bloomberg reported on March 1 that data showed that in January this year, global food prices hit a six-year high. The price of tofu in Indonesia has increased by 30%compared to December last year, the price of black soybeans in Brazil has increased by 54%compared to January of last year, and the price of sugar in Russia has increased by 61%compared to a year ago.
Analysis believes that in the context of the severe impact of the new crown epidemic on the global economy, soaring food prices are triggering concerns about hunger and malnutrition around the world. The reasons for the soaring food prices include severe weather affecting agricultural production, increased market demand, and the impact of the new crown epidemic on the global supply chain.
Bloomberg reported that experts pointed out that rising food prices will have a greater impact on developing countries than on developed countries. People’s food in developed countries is mainly processed products. These products go through a long production chain. Therefore, the increase in the cost of food raw materials will be reflected in the downstream after a period of time. People’s food in developing countries is mainly unprocessed food, and its price fluctuations are more direct and obvious than those of manufactured products.
However, the report emphasized that the surge in food prices has also had a serious impact on developed countries. Data estimates provided by a non-governmental organization show that the number of Americans”not eating enough” under the new crown epidemic has surged by 35%compared with 2018. According to data from the US Department of Agriculture, the poorest Americans spend 36%of their total expenditure on food. The situation in the UK is also not optimistic. Some charity organizations stated that the amount of food distributed to poor children in the first half of this year has increased significantly. In addition, Brexit has also had a huge impact on the food supply in the UK.