Why the prices of these staples — and beer — could soon skyrocket

(KTLA) – The economic impact of the war in Ukraine will be felt by US consumers primarily at the pump as fuel prices rise at their fastest pace since Hurricane Katrina in 2005.

But don’t overlook the impact of war on food costs.

You may not know it, but Russia and Ukraine account for nearly a third of the wheat traded globally. And wheat prices are up more than 50% since Russia invaded its neighbor.

How might that affect what’s on your table and in your pantry? Here are just some of the foods that may contain wheat as an ingredient:

Baking Soda, Bread, Cereal, Substitute Coffee, Instant Cocoa, Chicken & Beef Stock, Muesli, Gravy, Ice Cream, Meat, Pie Filling, Pudding, Condiments, Sauces, Snack Foods.

Oh, and beer.

In January, average food prices rose 7.8%, the highest level in seven years, according to the International Monetary Fund.

The sudden global wheat shortage is expected to be felt first among developing countries, which may lack the purchasing power of their more developed cousins.

But if hostilities in Ukraine continue, America and other economic heavyweights will also suffer. And it’s almost certain that food manufacturers will pass their higher costs on to consumers.

Keep that in mind the next time you get a craving for wheat thins.

Or beer.