Topline
France is considering handing food vouchers to middle- and low-income households to help them weather rising food prices, which have worsened following Russia’s attack on Ukraine, President Emmanuel Macron said in a radio interview Tuesday.
French President Emmanuel Macron speaks at a joint press conference with German Chancellor Olaf … [+]
Key Facts
“We will be facing a worldwide food crisis,” said Marcon, who is up for re-election next month, according to CNN.
French Foreign Affairs Minister Jean-Yves LeDrian said Monday the conflict in Ukraine could potentially trigger famine if farmers are unable to continue their work.
Global wheat futures have surged since Russia’s invasion of Ukraine, which is the world’s fifth-largest exporter of wheat, according to the USDA.
Earlier this month, Ukraine blocked exports of certain agricultural products, including rye and oats, and the government has required sellers obtain permission to export products such as wheat and corn.
Key Background
Wheat prices briefly hit a record high of $13.64 a bushel on March 8, as the conflict in Ukraine disrupted exports of agricultural goods from that country. Even before Russia invaded Ukraine, food prices were rising due to worsening inflation and supply chain disruptions. In February, the U.N.’s international food price index rose to an all-time high.
Tangent
In Lebanon, bread prices have surged 70% since the beginning of March following the Russia attack on Ukraine, the Financial Times reported. Lebanon is one of the countries in the Middle East that depend on Ukrainian wheat.
Further Reading
Russia-Ukraine War Adds Pressure to Already High Food Prices, Threatening Food Security for Millions (Wall Street Journal)
Wheat Prices Surge Amid Russia’s Invasion Of Ukraine—Here’s What That Means For U.S. Food Costs (Forbes)
Source: https://www.forbes.com/sites/lisakim/2022/03/22/france-considers-giving-out-food-subsidies-amid-rising-prices/