How the Ukraine crisis could drive food prices higher

Russia’s invasion of Ukraine has driven energy prices up. But with both nations major exporters of agricultural commodities, it could send food prices soaring, too.

Harvesting wheat in the Lugansk region of Ukraine
Ukraine is the world's third-largest exporter of wheat
(Image credit: © Alexander Reka\TASS via Getty Images)

Russia’s invasion of Ukraine in the early hours of Thursday reverberated across energy markets, drove oil past $105 a barrel to a-seven year high and sent global stockmarkets crashing. But that is not all.

The price of wheat climbed to a nine-year high, with experts warning food prices are likely to be the next casualty.

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Saloni Sardana

Saloni is a web writer for MoneyWeek focusing on personal finance and global financial markets. Her work has appeared in FTAdviser (part of the Financial Times),  Business Insider and City A.M, among other publications. She holds a masters in international journalism from City, University of London.

Follow her on Twitter at @sardana_saloni