Global food prices have struck a new high, soaring at the fastest monthly rate in 14 years after the war in Ukraine hit the supply of grains and vegetable oils, in a shift likely to do the greatest harm in poorer countries around the world.
March’s food price index from the UN Food and Agricultural Organization rose to its third record high in a row, jumping by 34 per cent from the same time last year, after the war shut down supply lines from Ukraine and Russia. The index was 12.6 per cent higher than in February, a rise that the organisation described as a “giant leap” .
Many poorer countries are already struggling from the impact of Covid-19, and several in the Middle East and north Africa rely on both Ukraine and Russia for their grain and vegetable oils. Food inflation has helped to spur protests in a number of countries, including Sri Lanka, where the issue has helped to create a severe economic and political crisis.
