Food Shortages on the way – what can you do?
Food shortages and even rationing could be on the way as the Russia Ukraine war continues.
Sanctions against Russia are forcing up the price of everything from oil and gas to wheat and Fertiliser chemicals. This is adding to existing problems of inflation caused by ‘government money creation’, soaring shipping costs and supply chain issues in China.
Farmers are warning of coming food shortages, as items like cooking oil disappear from supermarket shelves.
“Over 36 countries depend on Russia or Ukraine for half their wheat imports”
Antonio Guterres, UN Secretary General
The UN Secretary General warned of rising poverty and added:
- Wheat up 30%
- Oil up 60%
- Natural Gas up 50%
- Fertiliser up 100%
The National Farmers Union (NFU) reports:
“Ukraine is a major supplier of wheat, barley, maize and oilseeds (particularly sunflower oil and meal) to the global market meeting the needs of an estimated 400 million people worldwide. The interruption of that supply with the closure of the Black Sea ports is being hardest felt in North African and the Middle East countries most reliant on Ukrainian wheat.
“The World Food Programme estimates that its operational costs of feeding food insecure people will increase by €26 million per month compared to current levels, €64 million per month compared to pre-pandemic levels.”
The NFU warns of “an acceleration in the rise of commodity prices”.
“Global commodity prices were already rising steeply as the world economy emerged from the pandemic – over the last 18 months wheat prices have risen nearly 110%, maize and vegetable oil prices are up 140%, and soybean prices are up 90%. The conflict in Ukraine has accelerated the rise in commodity prices, with wheat prices increasing 70% since the invasion.” Source: NFU
Signs of poverty are already being seen in the UK, a wealthy country.
$50 billion was wiped off the value of Netflix as its share price dropped 35% following reports that the company lost 200,000 subscribers in the first quarter of 2022.
Economy is in winter season right now but…winters don’t last forever!
- Bulk buy non-perishable consumer goods and food as a hedge against inflation
- Buckle down, tighten your belts and get through this, you will survive!
- Consider spreading the cost on direct debit to cushion the blow.
- Build your credit lines and watch your credit rating like a hawk.
- Earn more cash by doing part-time jobs or a side-line business.
Make the most of your money and resources and learn how to get control and manage your finances.
Consider investing in real assets which tend to hold their value and act as a hedge during times of high inflation.
Assets like property, stock and shares and gold have long been held as a long-term inflation hedge.
Remember, you are not alone. Get help, take advice, and use debt counselling services like Citizens Advice if you are having trouble.
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