Categories: Economy

Global food prices skyrocket amid Ukraine-Russia conflict

<p>
<strong>Global food prices have reached an all-time high leading to concerns across the world. World food prices have risen by about 13 per cent in March.</strong></p>
<p>
The poorer countries and the most vulnerable people have been the worst affected. For example, the rise in prices have dealt a severe blow to Sri Lanka, which is staring at a bankruptcy. The island nation is in the grip of acute food shortage. What is worse is that sources said that there is no immediate solution in sight.</p>
<p>
According to the United Nations, the Russia-Ukraine conflict has driven up international prices for wheat, maize and vegetable oils, as war in the Black Sea region spread shocks through the markets trading in these staples.</p>
<p>
<strong>Also read: <a href="https://www.indianarrative.com/economy-news/will-india-emerge-as-key-global-player-in-wheat-after-sanctions-on-russia-157734.html">Will India emerge as key global player in wheat after sanctions on Russia?</a></strong></p>
<p>
The UN agency said that expectations point to the European Union and India increasing wheat exports.</p>
<p>
The Food and Agriculture Organisation (FAO) Food Price Index averaged 159.3 points in March, up 12.6 per cent from February when it had already reached its highest level since its inception in 1990.The index tracks monthly changes in international prices.</p>
<p>
Food prices have been increasing even before the Russia-Ukraine war but the conflict has made things worse.</p>
<p>
“It is now more than two years that the COVID-19 pandemic continues to negatively impact our lives, our health and our economies,” said FAO chief QU Dongyu.</p>
<p>
The FAO has warned that food prices could rise further by 20 per cent resulting in increased malnutrition across the globe.</p>

IN Bureau

Recent Posts

VINBAX 2024: Vietnam-India bilateral army exercise concludes at Kaushalya Dam

The fifth edition of the historic Indo-Vietnam Joint Field Training Exercise, VINBAX-2024, successfully concluded its…

14 hours ago

India-Russia strengthen defence ties at 22nd Working Group meeting on military technical cooperation

The 22nd meeting of the India-Russia Working Group on Military technical cooperation and defence industry…

14 hours ago

“I want to have strong representation of India at World Nuclear Exhibition 2025”: Sylvie Bermann

Sylvie Bermann, President of the World Nuclear Exhibition expressed confidence in India's nuclear supply chain…

15 hours ago

PoJK: Joint Awami Action Committee protests against government following new ordinance, many injured

Joint Awami Action Committee core member Shaukat Nawaz Mir has condemned the attack of police…

15 hours ago

PM Modi meets 31 world leaders, heads of organisations during his 3-nation foreign visit

Prime Minister Narendra Modi participated in 31 Bilateral Meetings and informal interactions with global leaders…

18 hours ago

India- Australia conduct 11th Indian Air Force-Royal Australian Air Force Air Staff Talks

India and Australia conducted the 11th edition of the Indian Air Force and Royal Australian…

18 hours ago