According to the latest Food and Agriculture Organization data, global food prices have reached record highs in the aftermath of the Ukraine war, increasing concerns about food security and the conflict’s impact on vulnerable populations around the world.
The United Nations Food Price Index increased to 159.3 in March, up 17.9 points, or 13%, from February and up 34% from a year ago.
The index tracks the monthly change in international food prices for a variety of commodities such as meat, dairy, grains, vegetable oils, and sugar.
Food price increases accelerated after Russia invaded Ukraine in late February. According to the United States Department of Agriculture, both countries are important wheat and corn exporters, accounting for 19 percent of global maize exports and 29 percent of global wheat exports.
Wheat shipments in the Black Sea region have been hampered since the beginning of the war, and supply uncertainty has grown.
The Chicago futures market benchmark price for maize has grown 29 percent since the beginning of the year, reaching $7.50 per bushel in March. Wheat prices have risen 37 percent in the same time span, reaching more than $10 per bushel.
Rising food prices are putting a strain on Asian consumers and households. According to the Asian Development Bank, food accounts for a considerable portion of the region’s consumer price index, ranging from 16% in South Korea to 49% in Tajikistan.
Higher food prices are expected to have a long-term impact on regional governments.
The rise in feed grain costs is also likely to raise the long-term cost of meat production.
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