The disruption of export flows as a result of the February 24 invasion and international sanctions against Russia have raised fears of a global hunger crisis, particularly in the Middle East and Africa, where the effects are already visible.
The disruption of export flows as a result of the February 24 invasion and international sanctions against Russia have raised fears of a global hunger crisis, particularly in the Middle East and Africa, where the effects are already visible.
The United Nations Food and Agriculture Organization said on Friday that world food prices hit an all-time high in March as Russia’s invasion of Ukraine sent “shocks” through markets for staple grains and vegetable oils.
The disruption of export flows as a result of the February 24 invasion and international sanctions against Russia have raised fears of a global hunger crisis, particularly across the Middle East and Africa, where the knock-on effect is already underway.
Russia and Ukraine, whose vast grain-growing regions are among the world’s main breadbaskets, account for a large proportion of the world’s exports in a number of key commodities, including wheat, vegetable oil and corn.
“World food commodity prices took a significant jump to reach their highest level in March, as the war in the Black Sea region ripped through markets for staple cereals and vegetable oils,” the FAO said in a statement.
The UN agency said the FAO’s food price index, which had already set a record in February, rose 12.6 percent last month, “marking a giant leap to a new high since its inception in 1990”. .
An index of monthly changes in international prices of a basket of food articles, averaged 159.3 points in March.
The FAO said that while the jump included new all-time highs for vegetable oils, grains and meats, prices of sugar and dairy products also “had significantly increased”.
fear of famine
The FAO said that Russia and Ukraine together contributed about 30 percent and 20 percent, respectively, of global wheat and maize exports over the past three years.
As the sowing season begins in Ukraine, the war continues.
Wheat prices have risen by about 20 percent, the organization said, with concerns over crop conditions in the United States compounding the problem.
The FAO’s vegetable oil price index rose 23.2 percent, driven by higher quotations for sunflower seed oil, of which Ukraine is the world’s leading exporter.
Supermarkets in Spain have rationed the sale of sunflower oil to prevent customers from stocking up for fear of war-caused shortages.
The United States has accused Russian President Vladimir Putin of causing “this global food crisis”.
France has warned that the war has increased the risk of famine around the world.
The conflict has also sent oil and gas prices through the roof, leading to further increases in inflation around the world and raising concerns that it could derail global economic growth.