February 2, 2023

The Newsopedia

Complete Indian News World

Why the current “flood” of raw materials is not enriching Latin America

  • Cecilia Baria
  • BBC News World

image source, Good pictures

After war broke out in Ukraine at the end of February, raw material prices skyrocketed.

In the face of uncertainty, commodities like oil, metals, gasoline, natural gas, wheat, corn, or soybeans can rise, and within days, new prices will rise. boom of materials.

The Russian invasion and sanctions applied by the West against Moscow have led to historic increases in global food and fuel prices. It encouraged companies to look for alternative sources of supply.

“You have a shock because you don’t have basic materials, food and energy and metals, you have a problem with food security [América Latina] It seems to be helping to overcome the problems,” Ilan Goldfajan, director of the International Monetary Fund’s (IMF) Western Hemisphere Department, said in April.