According to the German Federal Statistical Office, grain import prices increased by 53.6% in March 2022 compared to the same month in 2021

Germany

Published May 18, 2022

Tridge summary

The war in Ukraine is having an impact on world grain supplies and prices. According to the Federal Statistical Office (Destatis), grain import prices increased by 53.6% in March 2022 compared to the same month of the previous year. The last time there was a higher variation rate was in May 2011 (+74.0% compared to May 2010).

Original content

The price increases are distributed among all types of cereals: Wheat became 65.3% more expensive in March 2022 compared to the same month of the previous year, barley, rye and oats also 65.3% and corn 37.4%. However, imported grain prices had already increased considerably before the Ukraine war: since January 2021, monthly rates of change compared to the same month the previous year have consistently been in double digits. The reasons for the increase in prices are multiple: the high world demand and the shortage of supply due to bad weather conditions in important producing countries such as the United States, Canada, Australia or South America, the high prices of fertilizers and the increase in transportation and energy costs. The war in Ukraine has further intensified the rise in prices. For context, global import prices were 31.2% higher in March 2022 than March 2021; the last time there was a higher year-on-year variation was in September 1974, during the first oil crisis. ...

Source: Castilla