The conflict is also likely to have an impact on food prices. For very good reasons, Ukraine has announced that it will stop exporting grains and other foodstuffs. Ukraine and Russia together account for about 30 per cent of the world’s traded wheat. Ireland is particularly vulnerable to supply restrictions in this regard as it imports 60 per cent of its grain, with relatively little agricultural land used for crop farming.
The Russian invasion of Ukraine has turned a long-term strategic interest into an immediate threat. Markets and consumers may struggle to adapt to this reality The Russian invasion of Ukraine has turned a long-term strategic interest into an immediate threat. Markets and consumers are likely to struggle to adapt to this reality in the short term. An interventionist industrial policy creating targeted but powerful incentives to invest in this technology and infrastructure is likely to accelerate this vital transition and soften the blow for consumers.
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