Food Prices News

Thousands of Greek striking workers, students and pensioners marched through central Athens on Wednesday to protest over wages which they are not enough to cope with rising living costs.Ships remained docked at Greek ports and train services were halted as transport workers joined the nationwide strike by private sector union GSEE, Greece's largest.City transport was also disrupted as bus and taxi drivers halted operations for a few hours.Protesters marched to parliament around noon.

A recent article in The Wall Street Journal claims that the assessment by 74% of poll respondents in election swing states who believe inflation moved in the wrong direction last year is incorrect. The piece went on to state that the respondents’ perceptions were “contradicted by hard economic data”.Like many of us, I just love “hard data”, especially when it’s “economic”.One great aspect of “hard data” is that we must assume it’s correct; otherwise, how could it be “hard”? In fact…

Freight going through the Suez Canal has dropped by 45% in the two months since attacks by Yemen's Houthis led shipping groups to divert freight, disrupting already strained maritime trading routes, according to UN agency UNCTAD.UNCTAD, the United Nations Conference on Trade and Development, which supports developing countries in global trade, warned of risks of higher inflation, uncertainty of food security and increased greenhouse gas emissions.Shipping companies have diverted ships from the Red Sea since the Iran-aligned Houthi movement…

Ukraine has managed to boost its Black Sea grain exports to a level not seen since before Russia's invasion, although the Red Sea shipping crisis poses a new challenge to its crucial agricultural trade.Kyiv's success in replacing a UN-backed Black Sea export deal with its own shipping scheme has brought relief for Ukrainian farmers and importing countries while representing a naval breakthrough for Ukraine's military as a land counteroffensive has stalled.The export turnaround…

The U.N. Security Council on Wednesday demanded Yemen's Houthis immediately end attacks on ships in the Red Sea and cautioned against escalating tensions while implicitly endorsing a U.S.-led task force that has been defending vessels.The demand came in a Security Council resolution that also called on the Houthis to release the Galaxy Leader, a Japanese-operated vehicle carrier linked to an Israeli businessman that the group commandeered on Nov. 19, and its 25-person crew.Eleven members voted for the measure demanding the Houthis "immediately cease all attacks…

A container ship set off from Ukraine's Black Sea port of Odesa on Wednesday in a test of Russia's threat to attack shipping after it abandoned a deal last month allowing Ukraine to export grain.The departure of the Hong-Kong-flagged Joseph Schulte, which had been in the port since Feb. 23, 2022 - the day before Russia's invasion - followed a new Russian attack on Ukraine's grain export infrastructure.Russian air strikes damaged grain silos and warehouses at one of the Danube river ports…

Ukraine's air force on Wednesday said a large group of Russian army drones entered the mouth of the Danube River and headed toward the Izmail river port near the border with Romania.Social media groups reported hearing air defence systems firing in the area near two Danube ports - Izmail and Reni.The governor of southern Odesa region, Oleh Kiper, asked residents of Izmail district to take shelter at around 1:30 a.m. (2230 GMT) and cancelled the air raid alert one hour later.Ukraine's…

Ukrainian air defence systems were engaged in the early hours of Wednesday in repelling a Russian air attack on the southern port of Odesa for a second consecutive night, the region's governor said.Russia struck Ukrainian ports on Tuesday, a day after pulling out of a U.N.-backed deal for safe Black Sea grain exports, a decision that raised concern primarily in Africa and Asia of rising food prices and hunger."Do not approach the windows, do not shoot or show the work of air defence forces…

A deal allowing Ukraine to export grain via the Black Sea will expire at the end of Monday after Russia said it will suspend its participation.The deal, brokered by the United Nations and Turkey last July, aimed to alleviate a global food crisis by allowing Ukrainian grain blocked by the Russia-Ukraine conflict to be exported safely.WHY IS IT IMPORTANT?Ukraine is a major producer of grains and oilseeds and the interruption to its exports at the outbreak of war pushed global food prices to record highs.

The European Commission is helping the United Nations and Turkey try to extend a deal allowing the Black Sea export of Ukraine grain and is open to "explore all solutions," a European Union spokesperson said on Thursday, ahead of the deal's possible expiration on Monday.The U.N. and Turkey brokered the Black Sea Grain Initiative with Russia and Ukraine in July 2022 to help alleviate a global food crisis worsened by Moscow's invasion and blockade of Ukrainian ports. Ukraine and…

A deal allowing Ukraine to export grain via the Black Sea expires on July 17 and with Moscow saying it sees no grounds for an extension there are fears it may collapse.Why is it important?Ukraine is a major producer of grains and oilseeds and the interruption to its exports at the outbreak of war pushed global food prices to record highs. The current deal, agreed in July 2022 some five months after the war started, helped to bring down prices and ease a global food crisis.Ukraine grain has also played a direct role with 725…

Russia's deputy foreign minister said on Monday that even if a deal allowing shipments of Ukrainian grain via the Black Sea ends, Russia's agreement with the United Nations to ease its own exports will stay in force, Russian state news agency RIA reported on Monday.Moscow has repeatedly said it sees little chance of agreeing an extension of the Black Sea Grain Initiative beyond July 18, because it says Western sanctions are thwarting its own U.N.-backed attempts to export both grain and fertiliser.Asked by RIA if the collapse of the grain deal would invalidate its memorandum with the U.N.…

Since Russia’s invasion of Ukraine a year ago, most of the fighting has been on land. However, there has also been a less visible – but nonetheless crucial – maritime dimension to the war across the full spectrum of tactical, strategic, economic and diplomatic considerations.After land troops crossed the Ukraine border on February 24 2022, the Russian navy quickly secured control of the northwestern Black Sea. This meant it could contribute to the air campaign against Ukraine by launching cruise missiles from the sea.

Russia "will not accept" a price cap on its oil and is analyzing how to respond, the Kremlin said in comments reported on Saturday, in response to a deal by Western powers aimed at limiting a key source of funding for its war in Ukraine.Kremlin spokesman Dmitry Peskov said Moscow had made preparations for Friday's price cap announcement by the Group of Seven nations, the European Union and Australia, the Russian state news agency TASS reported."We will not accept this cap," RIA news agency quoted him as saying.

The Baltic Exchange's main sea freight index fell on Monday, pressured by a dip in the Capesize and Panamax vessel segments. The overall index, which factors in rates for Capesize, Panamax, and supramax shipping vessels, was down 17 points, or 0.9%, at 1,944.The capesize index lost 55 points, or 2.3%, at 2,341.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore used in construction, was down $456 at $19,418.

A total of 165 ships with 3.7 million tonnes of agricultural products on board have left Ukraine under a deal brokered by the United Nations and Turkey to unblock Ukrainian sea ports, the Ukrainian infrastructure ministry said on Sunday.The ministry said 10 ships with 169,300 tonnes of agricultural products are due to leave Ukrainian Black Sea ports on Sunday."At 10:00 a.m., 8 ships left the ports of Great Odesa, and 2 more are waiting for their turn and favourable conditions," the ministry said in a statement.Ukraine's grain exports slumped after Russia invaded the country on Feb.

The third vessel charted by the United Nations World Food Program (WFP), left Ukraine’s Chornomorsk Black Sea port with around 30,000 tonnes of wheat on board, Ukraine’s infrastructure ministry said on Saturday.“The vessel is headed for Ethiopia. According to UN estimates, Ethiopia is on the verge of a food crisis,” the ministry said in a statement.It said that in partnership with the WFP, three ships loaded with more than 90,000 tonnes of wheat are on their way to Ethiopia and Yemen.“We plan to export another 190,000 tonnes, which are currently being purchased by U.N.

President Vladimir Putin mooted on Wednesday reopening a U.N.-brokered deal for Ukrainian grain exports via the Black Sea and threatened to halt all energy supplies to Europe if Brussels caps the price of Russian gas.In a combative speech to an economic forum in Russia's Far East region, Putin made little reference to his invasion of Ukraine, but said in answer to a question that Russia would not lose the war and had strengthened its sovereignty.On the ground, Ukrainian officials…

Ukraine said it had dispatched its biggest convoy of grain vessels under a U.N.-brokered deal so far after 13 ships set sail from its ports on Sunday carrying 282,500 tonnes of agricultural products to foreign markets. The cargo bound for eight countries was loaded at the Black Sea ports of Odesa, Chornomorsk and Pivdennyi. The ports had been completely blockaded by Russia's invasion until a July 22 deal that was brokered by the United Nations and Turkey. Eighty-six ships have since set sail from Ukrainian ports under the deal…

Grain silos in Ukraine's second biggest port, Mykolaiv, were hit by Russian shelling of the city on Tuesday, causing a fire that was still burning on Wednesday, Ukraine's emergencies service said."As a result of the shelling of Mykolaiv, grain silos at an infrastructure facility in the Korabelny district caught fire," the emergencies service said on Facebook on Wednesday. "Firefighting continues."It published photos showing holes in the metal roofs of at least two silos and fire brigades pouring water on damaged facilities.

A ship carrying wheat from Ukraine to the drought-stricken Horn of Africa docked on Tuesday, the United Nations said, the first to make the journey since the Russian invasion six months ago.The vessel Brave Commander is carrying 23,000 tonnes of grain and will soon be followed by another carrying 7,000 tonnes.The total shipment, which will be unloaded in Djibouti and transported to Ethiopia, is enough to feed 1.5 million people for a month.That barely begins to alleviate the problems of Eastern Africa, where the United Nations' World Food Programme says extreme weather, surging food prices and conflict mean 82 million people need food aid across nine countries - Burundi…

Broker Marsh and Lloyd's of London insurer Ascot said on Tuesday they have provided coverage for a vessel carrying grain and food products from Ukraine's Black Sea ports under its new marine cargo and war insurance facility.Launched last month, it provides coverage up to $50 million for Ukrainian vital food supplies being shipped through safe corridors established by the newly signed Black Sea Treaty.The cover adds a big protection to the deal between Moscow and Kyiv at the end of July…

A total of 33 cargoes carrying around 719,549 tonnes of foodstuffs have left Ukraine under a deal brokered by the United Nations and Turkey to unblock Ukrainian sea ports, the Ukrainian agriculture ministry said on TuesdayThe Joint Coordination Centre in Turkey that monitors the implementation of the agreement put the total amount of grain and foodstuffs exported from three Ukrainian Black Sea ports since the deal was reached at 721,449 tonnes. Ukraine's grain exports slumped after Russia invaded the country on Feb.