Food inflation risks balloon as prices of wheat to palm oil soar

Ukraine and Russia account for about a quarter of the global trade in wheat, a fifth of corn sales, and 80% of worldwide sunflower oil exports.

A spectacular rally in crop prices from wheat to palm oil has increased concerns that food costs are going to get a lot more expensive. 
 

Those fears only got worse on Thursday after Russian forces attacked targets across Ukraine. Both countries are key suppliers of grains and edible oils. The crisis has driven wheat to the highest level since 2012, while drought in South America has dimmed the outlook for soybean supplies. Palm oil, which is used in thousands of products from cookies to shampoo, is on a record breaking run as a labor shortage crimps output in major producer