The price of wheat in Europe has hit a new record high, with an export ban on the product in India prompting further shortage fears.
The price of wheat on the Euronext stock exchange hit a record high on Monday morning, with the most recent rise being put down to a ban on most wheat exports from India.
While the Ukraine war has already seen the price of wheat surge to eye-watering heights, fallout from droughts in India have now forced authorities in the country to ban most exports of the crop., the price for a ton of wheat hit €435 on Monday morning, as supplies from Ukraine, India, and even parts of Europe which are alsoThis has prompted those within the EU to express concern regarding various nations, including India, implementing export bans on various in-demand products.
“We agreed with the United States to cooperate and coordinate our approaches in this area, because … as a response to Russia’s aggression against Ukraine and a corresponding increase in food prices and concerns about food security, countries are starting to take export restrictive measures,” he continued.
“And we think that this is a tendency which can only actually aggravate the problem,” specifically giving a forthcoming ban on the export of palm oil from Indonesia as something which would only “make matters worse”.
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