Food prices surge to a new record high in March, says UN agency

  
  Analysis

According to the UN food agency, world food prices jumped to a new record high last month as the Russia-Ukraine conflict disrupted markets for staples grains and edible oils. The FAO food price index, jumped to 159.3 in March from a revised 141.4 reading in February – which was then already a record.

Bear in mind that Russia and Ukraine are both major exporters of items such as wheat and corn, and the ongoing war has resulted in a lot of these harvests being unable to be sowed and/or exported.

That’s a key risk to the global economy as the surging food prices will also feed into higher consumer inflation and weigh further on consumption activity. The protests in Peru recently may be a bellwether of things to come, so just be wary of how this is all impacting the world from both a social and economic perspective.
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