An economist told Newsweek that both could 'end up 9 percent higher on the year.'
against Russia. The U.S. will also ban the import of Russian oil, while the United Kingdom plans to do the same by the end of 2022.the export of wheat, meat and other basic food staples in an effort to maintain supplies within the country as the war continues. Russia made a similar announcement on Thursday, saying it would suspend grain exports to members of the Eurasian Economic Union until the end of August.
More locally sourced products—such as eggs and milk—will also be affected to a degree. Veldkamp noted that cows and chickens use grain for feed. Higher costs for grain will thus drive up the price of eggs and dairy. The international organization said that food and animal feed costs could jump"by 8 to 22 percent above their already elevated levels." The report explained that some 50 nations—many of which are among the least-developed—currently receive 30 percent or more of their wheat supplies from Russia and Ukraine. As a result, many poorer nations are expected to face substantial food insecurity.
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