Concerns grow about food prices worldwide after Russian invasion

AgenciesUpdated: Friday, February 25, 2022, 09:15 AM IST
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US Agriculture Secretary, Tom Vilsack has said it is "a little early" to predict what impact Russia's attack on Ukraine will have on the agricultural industry and food prices for American consumers | Photo Credit: PTI

US Agriculture Secretary, Tom Vilsack has said it is "a little early" to predict what impact Russia's attack on Ukraine will have on the agricultural industry and food prices for American consumers, CNN reported.

"I think it's a little early to make projections and hypothesize about circumstances," he added on Thursday.

"If I were a Commissioner or an (Agriculture) Secretary in a European country, I would probably have a much different feeling about this," he said.

"I think we in the US are fortunate. We have tremendous capacity; we have tremendous production capacity."

He later noted that while it's still "too early" to predict the impact on Europe, "I don't foresee a circumstance where American consumers on the food side are necessarily going to ... see the kind of impact and effect" that European consumers might experience, CNN reported.

His comments come as concerns have grown about what a Russian invasion of Ukraine could mean for agricultural products worldwide.

Russia is the world's top exporter of wheat, and Ukraine is also a significant exporter of both wheat and corn, the report said.

Vilsack on Thursday said "it will take some time" for the potential impact on various agricultural products to be felt and urged companies not to take "unfair advantage" of the situation, CNN reported.

"I sincerely hope that no company out there -- whether it's fertiliser or any other supply that may be impacted by this -- will take unfair advantage of this circumstance and situation," he added.

(With IANS inputs)

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