(WJW) – Prices on some items at the grocery store could soon get even higher.
Russia’s invasion of Ukraine is impacting the global supply of corn and wheat.
Rising inflation already prompted companies like Kellogg and General Mills to raise prices.
That pattern may get worse with the Ukrainian conflict.
Wheat and corn prices have each jumped more than 20% in 2022.
Tuesday, the price of wheat climbed to its highest levels in more than a decade.
Russia is the world’s largest exporter of wheat. Ukraine is also a major exporter.
Ukraine is also the world’s fourth-largest exporter of corn.
Trading of corn futures was halted Tuesday when it settled at its highest level since May.
Analysts at Rabobank predict an ongoing conflict in Ukraine could drive corn prices higher by 20% and wheat prices higher by another 30%.
If the price of those grains continues rising, that will drive up the cost of food everywhere – at the grocery store and restaurants.