livingston
20×102mm Vulcan
We Should Worry About Price Of Food More Than Petrol, Warns BlackRock’s Fink
The dramatic spikes in oil and mineral prices following Russia’s invasion of Ukraine have distracted investors from the prolonged and more dangerous impact of food inflation, BlackRock founder Larry Fink warned.“The only thing I worry about, that we don’t talk about enough, is food,” he told the Financial Times. “This is not just an inflation problem. There are also geopolitical concerns that stem from this.”
Prices of energy, gasoline and petroleum-based agricultural inputs skyrocketed earlier this year as western countries imposed sanctions on Russia after the invasion. The cost of grain and edible oil was also hit hard because Ukraine is a major exporter.
Oil has started falling back to pre-invasion levels this week as traders brace for a sharp drop in consumption. But food price inflation remains stubbornly high. The U.S. consumer price indices for June show that the price of chicken parts and flour is up nearly 20 percent year-on-year and margarine is up 34 percent.
“We talk a lot about gas prices because that’s what affects Americans, but the bigger problem is food,” Fink said. “There has been a massive destruction of arable land in Ukraine… Globally, the cost of fertilizers has increased by nearly 100 percent, and those additional costs are reducing the amount of fertilizer used in agriculture. That harms the quality of the crop worldwide.”
Jurgen Klopp Aims Dig At Man United As He Claims He's Had 'far More To Worry About' Than The Red Devils During His Time At Liverpool Ahead Of Crunch FA Cup Quarter-final
Jurgen Klopp does not agree that Liverpool's rivalry with Manchester United is any bigger or more important than it is with the other top teams, ahead of their FA Cup quarter-final clash.
whatsnew2day.com
