it would be most critical to get to know whether (or how far) these price increases stem from a particular speculation that is usually taking place in wartimes. Large parts of the gas price increases already before the Russian invasion in the Ukraine have definitely been a result of speculation. in this case, even the EU-commission was the speculator, as it reduced long-run contracts with Gazprom and went into the spot gas market at times, when they had hoped to buy cheaper (but the contrary did realize). Also, it is known that the Wall Street is the largest single institutional cluster to own global wheat reserves …
one could check anything currently, from gas at the gas station to semiconductors …
thanks, and best,
The global price of wheat has risen sharply. The price of wheat was rising even before the Ukraine crisis. The high price of wheat (and other food grains) is likely to lead to immense suffering of the poor people of the world, both in developing and developed countries.
Perhaps institutional and heterodox economists will have useful policy recommendations that can mitigate the suffering.
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Tanweer Akram, PhD
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