Once self-sufficient nation reels from fall-out of ill-conceived shift to organic agriculture, compounded by fuel shortages.
Potato prices continue to rise. At the Garak Market in Seoul on the 4th, a box of 20 kg of potatoes was sold at KRW 75,367 (about USD 58.48). Compared to the average value (48,105 won) from 2019 to 2021, it rose by 57%. As of the 4th, the average price for a box of 20 kg of potatoes per week was KRW 71,747 (about USD 55.67).
German foreign minister says alternative export routes are urgently needed as wheat price soars
World's second-largest producer of wheat announces ban amid shortage caused by war in Ukraine
Russia's war on Ukraine has sent grain prices skyrocketing - a worry for consumers worldwide but potentially a boon for producers like Argentina, which hopes an influx of soybean "agridollars" will boost its faltering economy.
The Horn of Africa is experiencing one of its most severe droughts in recent history, with more than 15 million people acutely food insecure in Ethiopia, Kenya and Somalia.
South China Morning Post | Vietnam coffee farmers turn to avocados and durians as Ukraine war pushes up fertiliser costs
An official said despite the extra income from these additional crops, farmers are still having to cut back investment in their coffee trees Vietnam, which buys large amounts of fertiliser from Ukraine and Russia, is the world’s biggest grower of the robusta variety used in instant drinks and espressos
Somalia’s inflation is expected to surge past 10% unless the country gets good rains over the next two months to help ease pressure on food prices after losing wheat supplies from Ukraine, according to a top official at its central bank.
News 24 | Africa to experience sharp food price increases this month if war in Ukraine goes on – report
The Human Rights Watch predicts that food prices could go up by 17% if the war in Ukraine continues. Cameroon has urged its citizens to switch to cassava crops as a shortage of wheat is being felt. There are fears of food riots in Kenya since the last one in February calling for price reduction of food, which spread to social media.
This blog post examines the unfolding war's impacts on the global market for vegetable oils, including additional factors affecting prices such as biofuel policies and export restrictions in the Black Sea and elsewhere.