NEW YORK — Robb MacKie appeared on a Fox News segment March 21, warning that food price inflation will continue because of the war in Ukraine.
“American shoppers should expect that unfortunately their grocery bills are going to go up,” Mr. MacKie said, headlining a segment featuring comments from other economists as well.
He said bakers are feeling pressure from the war in Ukraine and that the longer the hostilities continue, the greater the potential disruptions in food markets.
“If you take essentially one of the world’s top growing regions out of the equation for a year, that’s going to have a substantial ripple effect,” Mr. MacKie said.
Ukraine and Russia combined account for roughly 25% of global wheat exports.
“Unfortunately, this is going to effect the most vulnerable in our society, many of whom are still feeling the impacts of the pandemic,” he said.
Overall inflation in February was 7.9% versus a year earlier, the steepest food price inflation since 1981.