World Food Prices Surge to Record High Due to War in Ukraine
Russia and Ukraine produce 30% and 20% of the world's grain, respectively, according to reports.
Both Russia and Ukraine are the globe’s leading producers of grain, the New York Post reported. The two countries account for 50% of global wheat and corn supplies, according to the New York Post.
The latest figures arrived on Friday by the United Nations who said the food price index jumped nearly 13% from February to March, with wheat, barley, corn, oats and sunflower oil in short supply because of the six-week-old war in Ukraine.
Last month, the Food and Agriculture Organization's (FAO) said food and feed prices could rise by up to 20% as a result of the conflict in Ukraine, raising the risk of increased malnutrition.
The United States, Canada, France, Australia and Argentina, who are all grain-producing nations are trying to ramp up production to fill in the gaps in the supply chain, the New York Post reported.
Crops from the Black Sea region have seen their prices exacerbated due to disruption and that comes after they were already running at 10-year highs in the FAO's index before the war in Ukraine due to global harvest issues, according to Reuters.
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