A fresh surge in wheat prices looked set to heap more pressure on stretched household budgets today after Russia banned grain exports for the rest of the year.
Russia - one of the world's largest exporters - has seen a severe drought wipe out 20% of its wheat crop. The ban will run from August 15 through to December 31.
Wheat prices immediately jumped 60 cents to 7.85 dollars (euro 5.96) a bushel - the highest since September 2008.
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