Asia-Pacific could face higher prices of grains and meat after Russia suspended a U.N.-brokered deal that had allowed safe grain shipments out of the Black Sea. Major Black Sea exporters Russia and Ukraine account for about a third of the world's wheat exports, 15% of the world's corn exports and about 2.1% of the world's soybean exports, the pair said, adding that Asian countries are particularly hit because many import from the region. "For consumers in Asia, expect to pay even higher prices for food, including for meat, due to the prolonged conflict alongside rising energy costs and inflation," Donnellon-May told CNBC. "It's going to get worse in Asia-Pacific with countries impacted by higher [priced] fertilizer, fuel, and food prices, further exacerbating Covid-related disruptions to the supply chains and climate change-induced extreme weather events, which have impacted agricultural production and food security." "Consumers throughout Asia-Pacific should expect to pay more for basic foodstuffs and also for meat."

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