As global inflation begins to decline, the escalating political tensions in Ukraine threaten to rise again.
This follows Russia's actions which are seen actively targeting Ukrainian ports by increasing its military activities.
As a result, the price of wheat rose sharply in the global market, while also dragging down the prices of other grains due to concerns about the lack of supply of the staple food.
On Monday, Moscow pulled out of the Black Sea grain deal with Ukraine on the grounds that Western sanctions on logistics had affected its exports.
It was then followed by a Russian missile attack on Ukraine's Black Sea coast that destroyed 60,000 tonnes of grain and damaged storage infrastructure.
Russian President Vladimir Putin said he would return to the deal if his demands were met.
Following the attack, Ukrainian President Volodymyr Zelensky accused Moscow of deliberately targeting grain export infrastructure and putting the country at risk.
In addition, he also urged other countries in the Black Sea to intervene to ensure the safe passage of cargo ships.
