British families face being hit with even higher food bills as war in Ukraine sends wheat prices soaring to a 14-year-high of £7.16 per bushel
- The cost of the grain yesterday peaked at a 14-year high of £7.16 per bushel
- Ukraine and Russia account for a third of the world’s wheat exports
- Food price hikes will be a further headache for families already grappling with the cost of living crisis
British families face being hit with even higher food bills as the war in Ukraine sends wheat prices soaring.
The cost of the grain yesterday peaked at a 14-year high of £7.16 per bushel due to threats of supply disruptions.
Ukraine and Russia account for a third of the world’s wheat exports, meaning prices are heavily dependent on supply from the two countries.
British families face being hit with even higher food bills as the war in Ukraine sends wheat prices soaring. Above: File image showing wheat being harvested in Ukraine
Wheat is a staple in foods such as pasta and bread, so increases will be felt by consumers.
Food price hikes will be a further headache for families already grappling with the cost of living crisis.
Soaring energy bills are set to increase again by an average of £693 in April, coupled with higher petrol prices. National insurance contributions will also rise.
Farming group Fram Farmers said wheat prices have been rising as Russia amassed troops on the Ukrainian border – with a spike of 16 per cent in Europe when the assault launched.
The cost of the grain yesterday peaked at a 14-year high of £7.16 per bushel due to threats of supply disruptions. Above: Ukrainian grain silos being reportedly hit by a Russian attack
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