The podcast that keeps you up to date with what is happening economy-wise in Northern Ireland. Telling you what you need to know but not necessarily what you want to hear. It is better to be prepared for the economic environment we are operating in and not the world we would like to be in.
Under the Tractor Bonnet featuring Cormac McKervey - Head of Agriculture at Ulster Bank NI
The cost-of-living crisis hasn’t been the only crisis dominating the airwaves lately. Warnings of a global food crisis are coming in thick and fast. Last week the World Bank’s president David Malpass warned the world faces a “human catastrophe” from a food crisis resulting from the Russian – Ukraine conflict.
The World Bank warns that the Ukraine War is set to cause the largest commodity shock since the 1970s. This warning comes when global food prices were already at record highs. According to the UN global food prices jumped 34% y/y with wheat and oils rising by almost one-fifth and one-quarter in the month following the Russian invasion of the Ukraine. The World Bank projects we could see another huge rise in food prices of 37%.