The scenario could repeat itself,"especially since the situation is complicated by even more factors today, including COVID-19-induced supply chain disruptions and the ongoing Russo-Ukrainian conflict," Lim told Insider.
Here are five countries that have banned or restricted key agricultural exports in the last year. While most of them imposed measures after the war in Ukraine started, some ramped up existing restrictions to deal with further price surges on the back of the conflict.Russia is the world's largest wheat exporter.
The ban was necessary to prevent a"humanitarian crisis in Ukraine" and to feed the country's population, Roman Leshchenko, Ukraine's minister of agrarian and food policy, said in March, according to theUkraine — the world's top sunflower oil exporter — is still exporting the cooking oil, although shipments have been disrupted due logistics challenges amid the war.Indonesia is the world's largest producer and exporter of palm oil.
Retail prices of cooking oil have soared in Indonesia as palm-oil producers boosted exports on the back of rising global vegetable oil prices amid the Ukraine war, according toRetail prices of cooking oil in Indonesia have gained over 40% so far this year,
We did it Joe! JoeBiden
Why do you give profiteering greedy companies cover by calling these prices increases 'inflation' when it's PROVEN than they are just raising profit to pad profits? Here's ONE example: