From gas to grain; prices rise due to the Ukraine war, El Paso to feel impact

EL PASO, Texas -- Gas prices aren't the only thing increasing due to the war in Ukraine; we're also seeing the price of grain go up too.

The price of wheat, corn and soybeans have all shot up drastically, and soon you'll see the impact on your grocery bill, while local businesses that depend on grain will face greater costs which in turn could impact you too.

Before the war, Russia and Ukraine produced a fourth of the world's wheat exports. In fact, according to NMSU agriculture economics and business professor Jay Lillywhite, "Ukraine is often referred to as the breadbasket of that region."

Since the war began, grain prices have soared. Wheat, for example, is at around $12 a bushel, or every 60 pounds. According to Bloomberg, that's nearly double the cost of what it was this time last year.

Lillywhite says the U.S. doesn't depend on grain from Ukraine, but he says when there's a shortage in one part of the world, that impacts prices everywhere.

"It's really going to have a ripple effect to our economy," Lillywhite said.