Rising food prices in Portugal

Rising food prices in Portugal

With Ukraine long seen as the traditional corn supplier to Portugal (Ukraine was responsible for 40% of all corn imports by the country before the Russia Ukraine conflict erupted in the open), the war has significantly impacted Portugal’s supply of raw materials such as wheat, corn or soya.

The agriculture ministry takes action

According to the agriculture ministry the country has diversified its import matrix to buy more corn from South America, North America and South Africa. Corn is used by animal feed formulators, bioethanol plants and food processors. The sharp rise in inflation seen after the beginning of 2022, in particular higher prices in food and drinks and energy has weighted heavily on a hard-pressed population, with two thirds admitting in a recent poll that higher prices have forced them to change their food consumption habits and cut on car trips. Before the war, Russia and Ukraine together exported 28% of traded wheat, 15% of corn and 50% of sunflower oil on a global level.

Keywords: Ukraine, corn, Portugal, corn imports, wheat, raw materials, animal feed, bioethanol plants, food processors,  Russia, agriculture, South America, North America, inflation, food and drinks, energy, food consumption