File photo of a wheat field. (Lethbridge News Now)

By The Canadian Press

Rising wheat prices amid Russian invasion of Ukraine could worsen food inflation in Canada

Mar 8, 2022 | 10:52 AM

The Russian invasion of Ukraine is driving up global wheat prices and setting the stage for worsening food inflation in Canada.

Ukraine is one of the largest wheat producers in the world, but experts say shipments of the vital crop have been cut off by the conflict. The uncertainty has sent wheat prices skyrocketing more than 50 per cent since the invasion began. Observers say those higher prices are expected to continue as the conflict makes it difficult for Ukrainian farmers to plant crops.

Stuart Smyth, an agriculture professor with the University of Saskatchewan, says if the farmland isn’t seeded this spring it could trigger a global wheat shortage. He says that ongoing uncertainty has driven up wheat prices, but that it will take time to trickle down to consumers.

Still, experts say the price of food like bread and pasta could balloon in Canada. Those increases would be stacked on top of ongoing inflation at the grocery store. Statistics Canada says bakery product prices rose 7.4 per cent in January compared with a year ago.

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Higher wheat costs could also impact cattle feed prices. University of Guelph food professor Simon Somogyi says higher feeds costs could see and dairy and meat prices increase.

(The Canadian Press)