These are some of its consequences of the Russian invasion on Ukraine:

Raw materials skyrocket

The conflict has triggered the prices of raw materials, starting with oil. A barrel of North Sea Brent was worth $90 in February and reached $139.13 on March 7, the highest level since the 2008 financial crisis. Since then, it has remained highly volatile.

Unlike the United States, the European Union, very limited by its dependence on Moscow, decided not to impose an embargo on Russian hydrocarbons for now, although it wants to become independent from Russian energy in 2027.

Breaks in supply chains have returned, especially in the automotive industry.

Threats to food security

“The war in Ukraine means famine in Africa,” warned the International Monetary Fund (IMF) and the United Nations warned of a “hurricane of famines.”

The current conflict involves two agricultural superpowers, Russia and Ukraine, which represent 30% of world wheat exports, so the rise in grain and oil prices became immediate.

The Food and Agriculture Organization of the United Nations (FAO) warns that if the war continues, between 8 and 13 million additional people could suffer from malnutrition worldwide.

At the moment no ships are leaving Ukraine and the spring planting could be 25-40% lower than usual.

Although the United States, India and Europe could substitute part of the missing wheat, the situation is more complex for sunflower oil and corn, of which Ukraine was the world’s first and fourth largest exporter, respectively.

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Sanctions and fear of a Russian default

Western sanctions have crippled parts of the Russian banking and financial system and caused the ruble to fall to 177 rubles per dollar on March 7. In addition, 300,000 million dollars of Russian reserves abroad were frozen.

These measures raised fears of a Russian default for the first time since 1998, which ultimately did not take place. The Moscow stock exchange was closed for almost three weeks.

The dilemma of west companies

Hundreds of Western companies have announced their withdrawal or at least the freezing of their activities in Russia, voluntarily or involuntarily, either for fear of sanctions, public opinion or political pressure.

Large companies such as the British oil company BP, Ikea, McDonald’s or Coca-Cola decided to freeze their activities in Russia, while others decided to continue their activity, arguing that they could not abandon their employees or deprive the population of basic products.

Brake to economic growth

The Organization for Economic Cooperation & Development (OECD) forecasts a reduction of one point in world economic growth due to the impact of the war in Ukraine whilst IMF plans to lower its forecast, currently 4.4% for 2022.

On March 18, the European Bank for Reconstruction & Development (EBRD), the IMF and the World Bank said they were “deeply concerned” about “slowing growth, trade disruptions” and a particularly serious impact on “the poorest and most vulnerable.”

Guillaume KLEIN/AFP

Translation: César Heredia

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The report assessed the size and scope of the Philadelphia food economy to discover opportunities to reap the benefits of “good food” businesses and policies. The report showed that Philadelphia is home to 6,500 businesses that grow, manufacture, distribute, sell, or serve food, or eliminate food waste. The food economy employs 79,000 people, comprising 12% of all jobs in the City.

The Economy League interviewed and surveyed dozens of business owners, and used national and local data to draw a portrait of how food moves from farm to table in Greater Philadelphia. The findings in the report offer a picture that shows ample space for food businesses to grow while improving the health of the Philadelphia economy, environment, and population.

Mayor Kenney said, “Thank you to the Economy League, our City’s Department of Public Health, and all of the community members who gave their time and insight on how we can create a good food economy in Philadelphia. This report will lay a great foundation for the development of more strategies that will help us create a more inclusive economy that supports the well-being and success of every Philadelphian.”

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Get Healthy Philly and the Economy League were natural partners in assessing the food economy. Get Healthy Philly has worked to transform food purchasing in area hospitals through its Good Food, Healthy Hospitals program and in City departments to make meals healthier and made from ingredients purchased from local, sustainable farms. The Economy League’s Philadelphia Anchors for Growth and Equity (PAGE) initiative supports hospitals and higher education efforts to purchase locally, and its Full City Challenge event earlier this year invited entrepreneurs to tackle inequitable food access in Philadelphia.

“The Philadelphia Food Policy Advisory Council envisions a Philadelphia where all Philadelphians can access and afford healthy, sustainable, culturally appropriate, local, and fair food,” says Kristin Schwab, newly appointed manager of the Philadelphia Food Policy Advisory Council. “Our institutions and government can help achieve that vision by moving resources towards sustainable, local, and fair food businesses and practices. This report is a step in that direction.”

Jeff Hornstein, Executive Director of the Economy League said, “Good Eats demonstrates how integral the food economy is to Philadelphia’s larger economy, and that we can harness the power of good food to advance opportunity, improve health, and drive growth in our city.  Economy League initiatives like  Philadelphia Anchors for Growth & Equity (PAGE), which aims to localize and diversify institutional supply chains, including the food space, as well as the Full City Challenge’s support of food-related businesses, are examples of cross-sector partnerships that leverage good food for economic growth.”

“Good food” is defined by the Mayor’s Food Policy Advisory Council as healthy, sustainably-produced using fair labor practices, and supportive of the local economy.

To read the full report, visit http://www.economyleague.org/foodeconomy.

By: Agencies

The post City Issues First-Ever Report on the State of the Food Economy in Philadelphia appeared first on El Sol News Media.