War in Ukraine: Rising world market prices for grain – will cooking oil soon become more expensive?
Created: 2022-02-28Updated: 2022-02-28 2:53 PM
The price of oilseeds such as rapeseed has also risen sharply on the world market in recent days.
© Arne Dedert/dpa (archive image/symbolic image)
As a result of the Ukraine war, grain prices have skyrocketed.
What does that mean for the price of cooking oil or the price of bread, for example?
Russia's attack on Ukraine also has immense economic consequences.
One example is energy prices.
But that's not all: Raw materials
such as wheat
also became more expensive on the world market.
And the price of
oilseeds
such as rapeseed has also risen sharply on the world market in recent days,
BR.de reported
on Saturday (
February 26)
.
The report states, among other things , that
prices
for
edible oils such as sunflower or rapeseed oil
could rise in the future.
The EU gets a quarter of its cooking oil from Ukraine.
The country is the world's largest exporter of sunflower oil.
You can also find out here* why there have already been shortages of cooking oil in the entry-level price range on some supermarket shelves for various reasons
.
Ukraine war: Wheat prices rise worldwide
Ukraine is also among the world's largest
wheat
exporters.
Both the Ukraine and Russia are considered important suppliers of raw materials here.
"In the case of wheat, exports from both countries account for about thirty percent of the global wheat trade every year,"
BR.de explained
.
How exports will work in the future is unclear and unsettling traders.
For consumers in Germany, not much will change as a result of the rising grain price on the world market, according to the report.
The
EU
can cover
its
wheat needs itself.
In the end, will bread prices also rise?
In view of the rising world market prices for wheat
, consumers in Germany must "
adjust
to a tendency towards further increases in
bread prices ", also reported
Tagesschau.de (as of February 28).
"However, given the significantly higher personnel and production costs, the grain prices only play a minor role in the final price of the baked goods," the report continues.
"They are estimated to be in the low single-digit percentage range."
Groceries could get more expensive
Whether and how food prices will develop elsewhere in the future also depends on many other factors.
Above all, the price development for energy certainly has an influence here.
As early as January, the producer prices for industrial products in Germany were 25 percent above the level of the same month last year, as dpa recently reported.
"For consumers, many products could become even more expensive," the dpa report continued, "because companies react to higher purchase prices, for example for raw materials, with a surcharge."
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