Ukraine invasion will impact global food supplies and on the price of “key commodities” important in food production, warned UK’s Food and Drink Federation, as Russia continues a full-scale invasion closing in on Ukraine’s capital.
FDF’s chief executive Karen Betts has said that the current disruption will have an impact on global food supplies and on the price of a range of key commodities, such as vegetable oils and maize.
“Past experience tells us that disruption to Ukraine’s exports will have an impact on global food supplies and on the price of a range of key commodities, such as vegetable oils and maize, which are important in UK food production. This will be further compounded if there are sustained energy price rises, adding to an already troubling inflationary picture,” Betts said.
He assured that FDF will continue to watch developments closely and will work with manufacturers to minimise effect on consumers.
The warning comes as the UK continues to grapple with a 30-year-high inflation rate of 5.5 percent. The CPI is expected to surpass 7 percent by April.
Kantar data released on Tuesday (1) showed a new high with grocery price inflation standing at 4.3 per cent in February.
Additionally, Chancellor Rishi Sunak is reportedly under pressure from business leaders to delay his 10 percent national tax hike set to come into force in April as the Ukraine crisis continues to drive up inflation.
