After Russia pulled out of Black Sea grain deal, which allowed safe passage for Ukraine to ship food essentials to the countries in Africa and West Asia, global wheat price have exponentially shot up.
Wheat prices on Wednesday on the European stock exchange went up by nearly nine per cent from teh day to $284 per tonne. The wheat prices in US saw a jump of 8.5 per cent, the highest daily rise the war on Ukraine broke out in February last year. Similarly, the price of corn went up by four to 5 per cent.
The immediate effect of the suspension is that millions of tonnes of wheat that was bound for West Asia and African nations is stranded. While the wheat remains stuck, Ukrainian president Volodymyr Zelensky claimed that Russia has been specifically targetting the grain deal infrastructure.
Experts have predicted that a domino effect will impact the global inflation, which has been calmed down after a long time.
For the unversed, Russia entered into Black Sea Grain deal as an assurance to not target any ships carrying grains leaving from Ukraine for West Asia countries.
Adam Hodge, a spokesperson for the US National Security Council stated, “Russia’s decision to suspend participation… will woren food insecurity and harm millions of vulnerable people around the world.”