Wall Street Journal with link to the Food and Agriculture Organisation of the United Nations: Worldwide food prices broke a record in March 2022 because of russian invasion into Ukraine.
The reason is that the war in Ukraine caused an additional burden on global grain supplies. The Grain Index increased more than 17% compared to the previous months due to uncertainty of Ukraine and russia’s grain exports.
During the last 3 years both countries ensured both world’s 30% wheat exports and 20% corn exports.
The March Food Price Index, which reflects the value of best-selling food, rose 12.7% vs February. This is the highest value since this index’s essence as of 1990.
Prices are growing up not only because of harvests concerns in Ukraine and russia. For example, United States supplies and harvest concerns impacted the monthly cost of wheat by 20% increase.
The latest price of sunflower oil increased by 23.2% vs February as Ukraine is the largest worldwide sunflower oil exporter. According to the agro analysts forecast, more than 700m people globally will suffer because of russia's invasion into Ukraine.