Wheat, new price record: this is how much it will cost us to eat. Questions and answers

The price of wheat broke an all-time record on the European market, closing yesterday at € 438.25 per tonne, after the announcement of the Indian embargo on wheat exports to ensure internal food security. The anomalous heat wave that recently hit the country, in fact, dramatically reduced this year’s harvest (-11 million tons compared to 2021). And annual inflation in India jumped to 8.38%, with retail prices hitting an all-time high in eight years in April. 24 hours after the publication of the reports and without any warning, the second largest wheat producer on the planet (after China) has blocked the export of all types of wheat with immediate effect, except for the contracts already signed with some countries. At the root of the government’s protectionist turn, the desperate attempt to stop the price rush. The announcement in New Delhi has also alarmed the G7 ministers meeting in Germany. In fact, it is becoming increasingly urgent to find a solution to the wheat crisis, which risks starving, according to the calculations of the FAO, at least 275 million people in the world. What will be the impact of these scenarios on our country? We asked Enrica Gentile (photo), founder and CEO of Aretè Srl, a consulting and economic analysis company specializing in agribusiness. According to data processed in March by Assoutenti, a kilo of pasta costs 2 euros, against the euro and 33 cents in January 2021 while the same amount of bread approaches 6 euros. Prices can be expected to rise again. How much does the price war affect? The Russian-Ukrainian conflict certainly affects the prices of some raw materials for food use, since Russia and Ukraine are important producers of cereals: together they ensure about 30% of world grain exports. To determine the price increases, …