Economy Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- Ukraine war to cause biggest price shock in 50 years – World Bank
- The war in Ukraine is set to cause the “largest commodity shock” since the 1970s, the World Bank has warned.
- Energy prices are set to increase more than 50%, pushing up bills for households and businesses, the World Bank says.
- The biggest rise will be in the price of natural gas in Europe, which is set to more than double in cost. Prices are forecast to fall next year and in 2024, but even then will remain 15% higher than they were last year.
- Wheat is forecast to increase 42.7% and reach new record highs in dollar terms.
- 3% for barley, 20% for soybeans and 29.8% for oils and 41.8% for chicken.
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Rev 6:6 NAS And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- Price of corn hits 9-year high as surge in commodities continues
- The contracts for July corn futures were trading above $8 per bushel on Monday, the highest level since September 2012.
- Corn is just one of several agriculture commodities that has seen surging prices in recent weeks, in part due to the war in Ukraine.
- Even prior to the war, agricultural commodities were seeing some upward pressure supply chain disruptions and high transportation costs that are contributing to inflation throughout the economy.
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Rev 6:6 NAS And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- War in Ukraine pushes Middle East and North Africa deeper into hunger as food prices reach alarming highs
- As the Muslim holy month of Ramadan begins, the soaring cost of food staples in import-dependent Middle Eastern and North African countries is creating ever greater challenges for millions of families already struggling to keep hunger at bay, the United Nations World Food Program (WFP) said today.
- The prices of wheat flour and vegetable oil – two key staples in the diet of most families – have consequently risen across the region. Cooking oil is up 36 percent in Yemen and 39 percent in Syria. Wheat flour is up 47 percent in Lebanon, 15 percent in Libya and 14 percent in Palestine.
- The cost of a basic food basket – the minimum food needs per family per month – registered an annual increase of 351 percent in Lebanon, the highest in the region. It was followed by Syria, with a 97 percent rise, and Yemen with 81 percent hike
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