Photo: Getty Images
While the war in Ukraine is certainly impacting U.S. consumers when it comes to gas prices, new reports say that it will soon impact food costs. According to KTLA, Russia and Ukraine account for almost a third of the world's traded wheat. Now, wheat prices are up by more than 50% since Russia invaded Ukraine.
This means that food that has wheat as an ingredient will likely rise in price soon. These are some of the items that will be affected, according to KTLA:
- baking powder
- bread
- cereal
- coffee substitutes
- instant cocoa
- chicken and beef broth
- granola
- gravy
- ice cream
- meat
- pie filling
- pudding
- seasonings
- sauces
- snack foods
- beer
According to the International Monetary Fund, average food prices increased by 7.8% in January, which is the highest level in seven years. KTLA reports that the global wheat shortage is expected to be felt among developing nations first since they may lack buying power. However, if the crisis in Ukraine continues, American and other nations will start seeing food producers pass along higher costs to consumers.