Wheat prices surge to a three-year high amid escalation of the #Ukraine conflict, Bloomberg Wheat prices in Chicago rose 19% in August , reaching their highest level since July 2023 , Bloomberg reports. Ukrainian wheat exports have fallen by 50% this season amid the disruption of supply routes, including through the Black Sea . Rising wheat prices increase the risk of another wave of food inflation for consumers who are already being hit by higher energy and transport costs due to the war