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
Allison Schrager is a senior fellow at the Manhattan Institute. Follow her on Twitter here.
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