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Wall Street Post: U.S. food prices rise at highest since 1980s amid sanctions on Russia

 Last Update: 2022-05-17
 Source: Internet
 Author: User

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According to the "Washington Post", the Ukrainian crisis has caused U.
S.
food prices to skyrocket, the most since the 1980s
.

The Washington Post pointed out: "At the beginning of the week, corn futures on the Chicago Board of Trade surpassed $8 per bushel, the highest in nearly 10 years
.
"

The authors explain that this is the case for several reasons
.

In mid-April, Biden reportedly pledged to lower gasoline prices by allowing the sale of gasoline blended with higher ethanol content by the summer
.
At the same time, it harms the environment and drives up food prices
.

　　The production of ethanol requires corn, which is often used to make food or animal feed
.

　　"Given that feed accounts for 60 percent of feeding costs, experts expect prices to rise for beef, pork, chicken and some types of fish," the Washington Post noted
.

　　The increase in fertilizer prices caused by events in Ukraine is also the reason for the increase in meat prices
.

　　"Washington Post" pointed out that other reasons include bird flu, California drought, traffic jams on the Mexican border
.

　　After Russia began a special military campaign to denazify and demilitarize Ukraine, the U.
S.
president banned the import of Russian energy, causing energy prices to soar
.
In addition, U.
S.
food prices have risen
.
At the end of March, food prices were up 8.
5 percent from a year earlier, according to the U.
S.
Department of Labor
.
Food prices rose the most since December 1981
.
Biden said it appeared to be Russia's fault
.

US food prices

　　The Washington Post pointed out: "At the beginning of the week, corn futures on the Chicago Board of Trade surpassed $8 per bushel, the highest in nearly 10 years
.
"

　　The authors explain that this is the case for several reasons
.

　　The production of ethanol requires corn, which is often used to make food or animal feed
.

　　"Given that feed accounts for 60 percent of feeding costs, experts expect prices to rise for beef, pork, chicken and some types of fish," the Washington Post noted
.

　　The increase in fertilizer prices caused by events in Ukraine is also the reason for the increase in meat prices
.

　　"Washington Post" pointed out that other reasons include bird flu, California drought, traffic jams on the Mexican border
.

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