Global food prices could jump another 22% due to the war in Ukraine.

Record high global food prices could rise another 22% as Russia’s war against Ukraine halts trade and destroys future crops. A report by the UN Food and Agriculture Organization (FAO) shows the far-reaching effects of the war on the world food system, the results of which will directly affect next season. Ukraine and Russia account for more than a tenth of the food sold worldwide, and the war has halted these flows. In addition, rising production costs mean that other countries will be able to partially offset the “sudden and dramatic decline” in Black Sea grain and sunflower exports next season, in 2022-23. This is likely to raise international food and feed prices by another 22%, and the significant supply gap will persist if the war continues and energy remains expensive.