UBS On-Air: Paul Donovan Daily Audio 'Farmers and food'

A drone attack on a Russian ship over the weekend caused concerns about commodity supplies. Wheat prices have increased, but only very slightly (compared to last year’s spike). Higher wheat prices may not impact developed economy food consumer prices. Farmers only get a small fraction of what consumers pay for food, and consumers are much less willing to believe the “commodity prices made us do it” narratives of retailers, after the recent profit-led inflation episode.