Connect with us

Ukraine War Causes A Huge Increase In Global Food Prices, Says UN

Published

on

Ukraine War Causes A Huge Increase In Global Food Prices Says UN

The United Nations says food prices increased to another record high last month due to the Ukraine war.

Due to the war, the world’s largest exporter of sunflower oil has been cut off, increasing the cost of alternatives.

Ukraine is also a major producer of cereals such as maize and wheat, whose prices have also skyrocketed.

According to the UN, “war in the Black Sea region caused shocks throughout the markets for staple grains and vegetable oils”.

World food prices hit a record high over the Ukraine war

The UN Food Price Index tracks the average prices of cereals, vegetable oils, dairy products, meat, and sugar around the world.

The index of food prices rose nearly 13% in March, following February’s record high. It is the highest point in 60 years.

Veggie oils surged 23% in price, while cereals rose 17%. Sugar rose 7%, meat 5%, and dairy – which has been less affected by the war – 3%.

The price of food commodities was already at a 10-year high before the war in Ukraine due to global harvest issues.

Cost-of-living crises are worrying politicians and causing social unrest across the globe.

Industry experts in the UK have warned that food prices could rise by as much as 15% this year.

According to the UN’s Food and Agriculture Organization, food prices could rise by up to 20% as a result of the conflict in Ukraine, increasing the risk of malnutrition worldwide.

The USDA lowered its world wheat projection for 2022 from 790 million tonnes to 784 million due to the possibility that at least 20% of Ukraine’s winter crop might not be harvested.

However, the report said that global cereal stocks could end the year 2.4% higher than they began because Russian and Ukrainian stockpiles would increase as those countries’ exports would shrink.

Related CTN News:

‘Putin Will Lose This War’, Former Ukrainian PM Arseniy Yatsenyuk Says
Vereshchuk Says, 2600 People Were Evacuated Humanitarian Corridors In Ukraine
Pope Francis Prays For Ukraine Still Bombarded In ‘Sacrilegious War’
Continue Reading