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Bread, beer, pasta and pet food prices set to rise as war in Ukraine sends wheat prices soaring

Hemant Bansal, commodity solution lead at The Smart Cube, said: “Ukraine and Russia are top exporters of wheat, with Ukraine referred to as the ‘breadbasket of Europe’. The nations collectively account for roughly one-quarter of global wheat exports.”

Bansal expected the price of wheat to rise by up to 20%. He said: “Analysing the data from the past two decades for previous such conflicts, the price of wheat is expected to increase by anywhere between 12 and 20 per cent.”