Food, metals and energy in particular could become more expensive due to the war in Ukraine –

Ukraine is also a major exporter of grain, maize and sunflower oil. The big question is whether this country can be grown in the coming period. “If there is no next harvest, this can have major consequences for the available quantity of grain and therefore for prices,” explains Rabobank economist Michiel van der Veen.

According to him, it also depends on what China, which is a major buyer of grain, does. “Other countries can use the rest of the grain if they don’t impose sanctions on Russia and are therefore allowed to buy it alone,” says Van der Veen. But if China also imposes sanctions on Russia, for example, the deficit will increase,” he said.

According to Rabobank, grain prices could then double and the price of maize could rise by 30%. This may have consequences for the prices of bread, beer and biscuits, among other things. But meat and eggs can also become more expensive because grains are an important part of animal and animal feed.

Since the beginning of the war in Ukraine, grain prices on the world market have risen:

Source: NOS