Oil prices are reaching record highs. This will, no doubt, add financial stress to consumers already struggling with inflation. Another commodity to watch is wheat prices. Russia and Ukraine account for 29% of global wheat exports. America's wheat production is about half of Russia's. It is no surprise that the price of wheat futures went vertical in the last week to a record high. Odds are prices will go even higher and make many food products more expensive for American households.
Source: Yahoo Finance
Interested in real economic insights? Want to stay ahead of the competition? Every Wednesday, e21 delivers a short email that includes e21 exclusive commentary and the latest market news and updates from around the Web. Sign up for the e21 Weekly eBrief.
Photo by ithinksky/iStock