Yellen: Russian invasion cut global food supply

Russia and Ukraine produce a third of the world’s wheat supply, and the loss of commodities due to the war has resulted in soaring food prices and uncertainty about the future of food security globally, especially in impoverished countries.

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World News

May 18, 2022 - 3:18 PM

U.S. Treasury Secretary Janet Yellen AFP VIA GETTY IMAGES/KEVIN DIETSCH/TNS

BONN, Germany (AP) — Treasury Secretary Janet Yellen warned Wednesday that Russia’s February invasion of Ukraine has produced a sharp increase in food and energy prices that is contributing to a slowdown in growth and creating greater risk of global stagflation.

“This is an environment that is filled with risk, both with respect to inflation and potential slowdowns,” Yellen said at a press conference ahead of Group of Seven finance ministers meetings this week in Bonn.

“The economic outlook globally is challenging and uncertain,” Yellen said. “And higher food and energy prices are having stagflationary effects, namely depressing output and spending and raising inflation all around the world.”

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