Analysts say that the ripple effects of the conflict in Ukraine will further drive up U.S. food prices. And because Russia is a main producer of fertilizer, the conflict could affect what is grown on American soil.
prices up 14.2 percent overall since February 2021. While goods that travel by truck or ship are seeing price increases because of rising fuel costs, grocery categories that lean heavily on cooking oils, aluminum packaging or commodity grains such as wheat will see higher prices and tighter supply because of the uncertainty associated with the conflict. That would include breads, baked goods, pasta, cereal and many items in the center aisles of the grocery store.
Wheat futures are up 29 percent since Feb. 25, with corn up 15 percent since that date, soybeans up 6 percent and other commodity grains dragged along with them. “Fertilizer and herbicides are hard to get; retailers are holding supplies pretty tight. If I need 1,000 gallons of Roundup for the year, I might only be able to get 50 right now,” he said, explaining that farmers and agricultural supply stores don’t know how much will be available this year. “They are trying to make sure that every grower has access to some. We saw the run on the toilet paper during covid — and that what’s they’re trying to prevent.
“High gas prices make consumers drive less, so they will buy more at each visit to the grocery store, which makes it harder for grocery stores to plan and replenish their inventory,” Dai said.
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