Government and the local business community are optimistic that a truce between Russia and Ukraine could further reduce the cost of living in Barbados.In the early hours of Friday morning, news emerged of an agreement between the two warring countries, ending a Russian blockade that prevented Ukraine from exporting grain through Black Sea ports.The reduced global grain supply had triggered price increases over the last six months. Over the last 24 hours, prices of key commodities fell in markets across the world in response to the agreement that was signed in Istanbul and supported by the United Nations.Minister of Agriculture and Food Security Indar Weir was encouraged by the news, noting that reduced wheat prices could drive down the cost of fertiliser and animal feed, resulting in reductions in food production costs.“I don’t know that there is any clear path as yet, but I welcome the news, and certainly if there will be benefits to be derived from a truce between Russia and Ukraine. Their ability to export grain would significantly reduce the cost of grains coming to the region, thereby reducing the cost of animal feed,” he told Barbados TODAY.
