Canned goods prices set to rise amid Ukraine war

The soaring costs of metals will see the price of canned goods rise in the UK, the London Metal Exchange (LME) has warned.

Copper prices have hit a five-year high, while other commodities such as oil and wheat have also surged due to the Ukraine conflict.

On top of this, aluminium and nickel prices have been up by 30% since the beginning of the year.

READ MORE: Ukraine invasion to impact UK food production

According to the head of LME Matthew Chamberlain, the cost is expected to be passed on to consumers through drink cans.

Some economists have also forecasted that inflation could now hit 10%, compared to the Bank of England’s prediction of 7-8%, due to the effects of the war in Ukraine.

The news comes as the Food and drink federation (FDF) previously warned that both the effects of Ukraine and sanctions against Russia would impact food prices in the UK.

The FDF has affirmed that the price of key commodities such as vegetable oil and maize will rise amid an “already troubling inflationary picture”.

Additionally, global wheat prices have already been rising prior to the invasion and are up nearly 40% this year, reaching costs not seen since 2013.

The war in Ukraine is continuing to increase in intensity, with Russia capturing the southern city of Kherson on Friday – the first major population to be seized in conflict.

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