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The war in Ukraine is fuelling a global food crisis

Reuters: “Russia’s invasion of Ukraine in late February dramatically worsened the outlook for already inflated global food prices. The halt in Ukrainian exports following the outbreak of the conflict pushed the Food and Agriculture Organization’s (FAO) food price index, which tracks international prices of the most globally traded food commodities, to its highest point in March since records began in 1990. Russia’s invasion of Ukraine, a move Russia calls a “special operation” to demilitarise its neighbour, is the latest development in a growing global food crisis. While post-pandemic global demand, extreme weather, tightening food stocks, high energy prices, supply chain bottlenecks and export restrictions and taxes have been straining the food market for two years, the recent convergence of all these factors following Russia’s invasion is unprecedented and has sent food inflation rates spiking around the world. In Europe, the Consumer Price Index for food has sharply risen in all of the continent’s largest economies, while in the United States the CPI climbed more than 14 percentage points since January 2020….”

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