Washington, March 14 (UNI/Sputnik) The high price of wheat will have a spillover effect on other food items, including corn and maize, and will impact global food markets such as in heavily importing countries in Africa, an International Monetary Fund (IMF) official said on Monday. “As wheat is becoming more expensive, it will have spillovers to add other food items, including corn, maize etc.
So, it will affect global food and that will impact food importers and in particular food importers in Africa and it will have social consequences when countries are faced with higher food prices,” the official said during a press briefing. Food prices are rising mainly because of high oil prices, which in turn lead to high inflation and have a negative impact on the population, the official said.
Russia and Ukraine are the world’s top wheat producers. The United Nations Food Program says they account for 30 per cent of global wheat exports, 20 per cent of corn sales and 76 per cent of the global export of sunflower seeds, making the Black Sea region the world’s breadbasket.
Last Monday, trading in US wheat futures was suspended for the week after prices surged above the 7 per cent limit allowed in a day to reach 14-year highs amid worries the Russia-Ukraine confrontation would affect global supplies.
