Paul Krugman Attributes Global Food Inflation To Russia's Invasion Of Ukraine: 'We Would Definitely See Some Relief If...'

Paul Krugman, the renowned economist, attributes soaring food prices to Russia’s actions in Ukraine, Business Insider reported.

Food inflation has surged, primarily due to Russia’s invasion of Ukraine, disrupting agriculture and escalating fertilizer and natural gas costs. The Food and Agriculture Organization’s Food Price Index rose to 123.9 in July, indicating a significant increase from 2020 levels.

While some attribute the rising prices to the Biden administration’s spending and “greedflation”, Krugman emphasizes Russia’s role.

The invasion has notably affected agricultural production in Ukraine, Russia, and Kazakhstan, leading to potential global food crises. Additionally, Russia’s actions, such as targeting Ukraine’s food export hubs and withdrawing from the Black Sea export agreement, have further strained the situation.

“Russia may be the only government able to have much impact on world food inflation; we would definitely see some relief if Vladimir Putin called this invasion off (which he won’t),” Krugman says.

The invasion also impacted fertilizer prices, with Russia being a major exporter. Despite other factors like climate change affecting agriculture, Krugman asserts that Russia remains the primary influencer of the current food inflation.

Photo by TANYA LARA on Shutterstock

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