www.zerohedge.com BY TYLER DURDEN
Spring in the northern hemisphere is two weeks away, and interest in planting gardens could rise as the breadbasket of Europe was choked off by the Russian invasions of Ukraine, jeopardizing global food exports resulting in skyrocketing prices.
Even before the turmoil in Ukraine, American households were under pressure due to soaring food and gas prices. The invasion just made things a lot worse as commodity prices jumped the most last week since the stagflationary period of the mid-1970s.
New UN global food price, released on Friday, showed global food prices in February surpassed a previous record set in 2011. About a quarter of the international wheat trade, about a fifth of corn, and 12% of all calories traded globally come from Ukraine and Russia. Food exports in the region have been halted due to conflict and sanctions.
