Global food prices have been predicted to keep surging even after it rose exponentially in February 2022. The International Monetary Fund (IMF) disclosed this in a report stating that vulnerable countries would be hit hardest by the impending food crisis, occasioned by the Russian invasion of Ukraine.
IMF made it known that high food prices, would place the “heaviest burden on vulnerable populations while adding to headwinds for the global economic recovery.”
Food commodity prices rose 23.1 percent last year, the fastest pace in more than a decade, according to inflation-adjusted figures from the United Nations Food and Agriculture Organization.
February’s reading is said to be the highest since 1961 for the gauge tracking prices for meat, dairy, cereals, oils, and sugar.
The institution said, “Now, the war in Ukraine and sanctions on Russia are upending shipments and possibly production for two of the world’s largest agricultural producers.
“The two countries account for nearly 30 percent of world wheat exports and 18 percent of corn, most of which is shipped through Black Sea ports that are now closed. Wheat futures traded in Chicago, the global benchmark recently rose to a record.”