How does the Russia-Ukraine war impact global food prices?
Last Thursday was the day of Thanksgiving for many US families. They gathered in one place and shed light on the rising cost of holiday meals and what has caused these increments. The major topic was the economy, particularly the expensive Turkey and traditional dishes. Many think about how their future celebrations might be affected by the rising costs of meals.
This year, the Thanksgiving dinner cost approximately $58.08 for ten people. This estimate was provided by the American Farm Bureau Federation (AFBF). As compared to 2023, the average decreased by 5% but remained higher by 8% than in 2021. In 2022, the sudden increase happened, and prices hit a record high of $64.05.
Many say that this increase in prices is due to Russia’s Ukraine war. Russia invaded Ukraine in 2022, which disrupted global food markets. This ongoing war tends to affect food supplies and their prices. In 2024, there is a slight decrease in these food values but still the prices are high. This increases prices, making holiday planning changing for everyone.
The growing prices of Thanksgiving essentials point out the ongoing economic difficulties. In 2022, the Department of Agriculture in the United States linked these growing prices with many factors. It includes the influenza outbreak, Russia’s war on Ukraine, and droughts in the US. The Russia- Ukraine war not only affects Ukraine but also many other nations, leading to inflation.
Today, many little changes have happened. The new President of the United States, Donald Trump, promised to end the conflict within the day. This ending war has aimed to lower food prices. However, many experts say that reversing the increasing rate of inflation is impossible. And the high cost of Thanksgiving dinner proves this prediction to be true.
Economists explain that while inflation might slow down, pre-pandemic prices are unlikely to return. This applies not only to foods but also to technological devices such as cars, retail goods, and many other essentials. These price changes represent a lasting shift in the cost of living, leaving many households adjusting to a new economic normal with higher expenses for everyday needs.
It is expected that prices will tend to increase further in the future unless the economy faces severe complications. The Federal Reserve is making efforts to keep prices stable or slowly increasing to prevent economic complications. This trend can be shown in the prices of the
Thanksgiving dinner in the United States. Many people are still adjusting to these increasing prices with the hope that soon things will be better again.
According to United Nations Food and Agriculture Organization, in March 2022, world food prices increased. It was the time right after Russia invaded Ukraine in February 2022. This shows how international crises affect the lives of people that live in another nation. It also leaves consumers to manage the lasting effects of increasing prices.
Widespread food shortages have resulted from significant disruptions in the global fertilizer, energy, and agriculture industries brought on by Russia’s war in Ukraine. Russia has exacerbated millions of people’s hunger by using food as a weapon of war by attacking Ukraine’s food infrastructure. Russia, another significant agricultural exporter, took advantage of the situation by filling the void left by Ukraine’s declining agricultural output. Food became a kind of soft power as a result, enabling Russia to leverage its agricultural exports to expand its influence internationally. Vladimir Putin and Dmitry Medvedev, among others, have publicly said that food is now a strategic weapon.
Food prices have increased as a result of Russia’s activities, which have increased the instability of global food systems. For instance, Thanksgiving dinner has become more expensive for Americans, and this trend is probably here to stay. In summary, Russia’s war has had a lasting impact on the global economy in addition to Ukraine.
