Russia destroys 60,000 tonnes of grain in Black Sea missile strike

Kumar Amit, senior specialist at The Smart Cube, a global provider of sector-specific research and analytics solutions, explained the impact on global food inflation following Russia’s withdrawal from the deal: “The suspension of the Black Sea Grain Initiative in isolation may not destabilise global food inflation in the short term, as Ukrainian grain shipments declined significantly from March to June, down 48.6% during this period. Ship inspection rates also experienced a substantial decline during the period.”