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Gas and grocery prices could skyrocket amid Russian invasion

CNBC reports that before the war, Russia and Ukraine produced one-fourth of the world's wheat exports.

CHARLOTTE, N.C. — Gas prices are soaring to new levels amid the Russia-Ukraine conflict, with the average price for a gallon of gasoline in the U.S. hitting a record $4.17 Tuesday.

Grain prices, like wheat, corn and soybeans, have also exploded in just the last month. According to a CNBC report, Russia and Ukraine produced one-fourth of the world's wheat exports before the war. The new uncertainty could cause issues in supply and production on a global scale. 

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"Ukraine is the breadbasket of Europe. So as Europe doesn't have Ukraine as a source of supply, they're looking for other global sources of supply," James Crean, President/CTO of Crean, INC. said.  "And that puts more and more strain on the global food supply chain." 

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Corn prices have been steadily on the rise since October, and since corn is a critical ingredient for livestock feed, it also affects cattle, pork and poultry prices. 

On top of that, inflation is pushing up prices. The labor department is reporting food costs are up 7% over the past year.

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"Unfortunately, for the American consumer, it means tighter budgets and needing to plan for the future to understand that prices are going to continue to have pressure out to the upside," Crean said. 

WCNC Charlotte is always asking "where's the money?" If you need help, reach out to the Defenders team by emailing money@wcnc.com.

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