Global food prices rose to their highest levels in March as a result of Russia’s invasion of Ukraine, the United Nations said.
Cooking oils, cereals and meats reached their highest levels of all time and meant that groceries cost a third more than the same time last year, according to the Food and Agriculture Organization’s monthly food price index published in Friday.
The Russia-Ukraine war disrupted Black Sea exports of important goods from a region that produced more than a quarter of the world’s wheat exports.
The war has helped increase cereal prices by 17% in the past month with the closure of ports restricting wheat and corn exports from Ukraine. Russian exports are also slowed by financial and transport problems.
World wheat prices jumped 19.7% in March, while corn prices rose 19.1% on a monthly basis, reaching record highs, along with barley and sorghum.
The FAO said these problems are likely to continue, leading to higher prices, lower stocks and uncertainty in the wheat market in the future.
“Higher price quotes are particularly worrying for countries already struggling with other crises, including conflicts, natural disasters, economic conditions or, as is often the case, some combinations of them,” an FAO spokesman said. low-income and food shortages may struggle to pay higher prices.
“[Price] the increase is most noticeable in countries where the share of disposable income spent on food is highest. In these cases, the most vulnerable are likely to skip meals, buy fewer nutritious foods or use other coping strategies, which will have long-term consequences for their health and well-being.
Joseph Glauber, a senior fellow at the International Institute for Food Policy Research, said prices before the invasion were close to record highs due to limited global supplies.
“Estimated stock levels have already been low compared to recent years, which means there are few supplies available to offset the impact of reduced exports coming from the Black Sea,” he said.
IFPRI estimates that Ukraine and Russia account for 12% of the world’s calories.
Glauber said food price volatility is being felt everywhere. Countries that have relied heavily on wheat from Russia and Ukraine may need to switch to the EU, the US, Australia, Canada and Argentina for wheat supplies.
“Many of these countries are in North Africa and the Middle East, where wheat often accounts for up to 35% of total calories consumed and most of the wheat is imported, much from the Black Sea,” he said.
The Black Sea region is also an important source of sunflower oil, and export restrictions have led to a rise in vegetable oil prices by almost a quarter since February. Prices of palm, soybean and rapeseed oil also rose due to increased demand.
Earlier this week, the World Food Program said the effects of the blocked exports would affect several countries in East Africa, including Kenya, Ethiopia, Somalia and South Sudan, countries already experiencing severe drought and conflict.
WFP said local food prices had risen by an average of a quarter from last year, but were up 92 percent in Sudan.
He also warned that East African countries are completely dependent on imports of fertilizers, for which Ukraine and Russia are also key sources, and that the disruption could affect local production and push food prices even higher.
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