By Marie Toulemonde
Posted on Monday, 9 May 2022 22:57
The uncertainty created by the war in Europe has caused an unprecedented surge in the price of cereals, of which Ukraine and Russia are among the main exporters to the continent. What impact will Washington’s oil embargo have on Moscow? What if Brussels follows? Due to the lack of visibility, the international markets panicked and prices soared.
On 7 March, the price of a tonne of soft wheat on the futures market reached €422.50, more than double the price of what it had been a year earlier. This is a disaster in the making for Africa, which is consuming more and more imported grain, especially since inflation is back.
READ MORE Inflation is coming back to Africa, and it’s not going away
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