Ukraine, incited by Russian President Vladimir Putin on Feb. 24, prices aren’t expected to go down anytime soon, experts say.
Gas prices continue to hit new records. Here’s how to save at the pump Gas prices were the the first to soar nationwide. Food prices are expected to follow suit.In the next three to five months, Canada will see the prices of grain-based products rise.
Next, animal proteins, according Sylvain Charlebois, Director at Agri-Foods Analytics Laboratory and professor at Dalhousie University.“Meat counter products, followed by dairy,” he specified.“It really depends on two things: How long this conflict lasts and how China will react because China is a big part of this,” Charlebois added, noting China’s influence on the global market.Prices in Canada, both gas and food, will remain dependent on the conflict to the east, he said.“Russia’s intent, I think, is to increase it’s influence around the world and there’s no better way to do it than to try and control agri-food growing conditions and prices around the world.”In good times, Ukraine is a “power house” in the agricultural food sector, according to Charlebois.“There’re lots of crops being grown there, especially wheat and corn,” he said, noting 25 per cent of all exports worldwide come from there.In 2019, Russia and Ukraine were two of the worlds top exporters of wheat, according to the Observatory of Economic Complexity.However, with the war raging on, ports in the Black Sea are being blocked and exporting has become increasingly difficult, Charlebois explained.“Ninety per cent of what Ukraine and Belarus will grow, will actually have to come through that port, so that’s been a problem.”Gas prices will also stay on the rise in Canada with Diesel,.