People across the world are struggling to purchase the foods they need to survive as the prices of essential commodities have surged to record high due to Russia- Ukraine war.
Between May 2020 and February 2022, FAO’s Food Price Index went up by 55.2%, led by a 159.4% rise in prices of edible oils, followed by strong growth in prices of sugar, dairy, and cereals.
According to FAO report published recently, world wheat prices soared by 19.7% during March, while maize prices posted a 19.1% month- on- month increase, hitting a record high along with those of barley and sorghum.
The FAO said these problems were likely to persist, leading to higher prices, lower stocks and uncertainty in the wheat market in the future. The report said the Russia- Ukraine war has disrupted Black Sea exports of crucial commodities from a region that had been producing more than a quarter of the world’s wheat exports.