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Russia-Ukraine crisis threatens favorite Middle Eastern dip

Hummus prices are expected to surge as the conflict between the world’s biggest exporters of chickpeas drags on

World prices for hummus are expected to increase by up to 20%, the Global Pulse Confederation (GPC) has warned. The GPC cites the drastic decline in supplies from Russia and Ukraine of chickpeas, the essential ingredient for the dip, as the key reason for the surge.

“Globally, chickpea prices may rise by 15 to 20% – the same value as the fall of the supply,” Navneet Singh Chhabra, an analyst at the trade association and director of global chickpea trader Shree Sheela International said, as quoted by The New York Times.

According to the estimates revealed by the trade association, supplies of chickpeas to the world market may be reduced by as much as 20% as war tensions between Russia and Ukraine, along with sanctions levied against Moscow, emerged as the biggest disrupters of the flow of the legume.

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The GPC added that the price spike would be also attributed to rising freight costs, which have been driven in part by higher oil prices.

The industry group highlighted that Russia and Ukraine are two of the world’s biggest exporters of chickpeas, while Russia alone accounts for roughly a quarter of the global chickpea trade. The sanctions-hit nation reportedly produces some 250,000 tons of chickpeas per year.

Chhabra stressed that economic sanctions are currently limiting the ways Russian growers can get chickpeas out of the country.

Meanwhile, Ukraine’s annual production of chickpeas makes up between 30,000 and 50,000 tons, but this year the country is expected to produce a maximum of 5,000 tons, according to the analyst.

For more stories on economy & finance visit RT’s business section

https://ift.tt/8prCBjw 12, 2022 at 12:10PM
from RT – Daily news

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