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The war in Ukraine leads to a spike in agricultural prices. For the World Bank, these prices should remain at historically high levels until 2024.
A grain silo in the Ukrainian hell. Near Mariupol (Ukraine), cereals are burning and causing prices to soar. According to the World Bank, these high tariffs will remain so. Today, 5 million tons of wheat and 15 million tons of corn are waiting to be exported to Ukraine. The problem is that the ports are attacked. As for the train journey, it remains very complicated. “For the moment, these are small bandages which are put on the right, on the left, via the railway, but which turn at 10% of the usual capacity, and once again, that reshuffles the map of world flows”Explain Arthur Portier, consultant at Agritel, who specifies that it will take time to return to a normal situation.
Tensions on volumes are therefore accompanied by tensions on prices. For the World Bank, prices will remain at historically high levels until at least 2024. For example, wheat could cost 370 dollars per tonne in 2024, an increase of 59% compared to 2020. A price inflation that is already weakening several economies, such as those of Zimbabwe and Ethiopia.
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