Even before the official start of the Russian invasion into the Ukraine, many in the lake area and across the country were wondering…other than the obvious of higher prices at the pumps…what kind of fallout we are going to feel from the action.
“Food prices through the roof, but wheat, Ukraine’s a major wheat exporter. We’re seeing soy being priced as corn, all the things that go into your breadbasket are going through the roof” says Phil Flynn, a Senior Market Analyst for the Price Futures Group.
He tells KRMS News that unfortunately, there’s nothing now that can be done to soften the blow “This comes at a time when global food prices are already at a record high. So this is gonna be a big shock for consumers, and there’s not a lot that people can do about it at this point.”
With oil now jumping over $100 a barrel, the immediate effect is likely, at least, a 25-cent per gallon increase at the pumps.