Analysts have expressed concern about the impact of Russia’s invasion of Ukraine on the world’s fertiliser and grain prices, but South African farmers who may benefit from higher export prices might have to pass rising costs on to local consumers. According to the Bureau for Economic Research’s Weekly Review released on Monday, the war has already unleashed a major commodity supply shock on the global economy.
Russia is a major oil and gas producer and also contributes significantly to the global grain output, along with Ukraine, often referred to as Europe’s breadbasket.