The Food and Agriculture Organization of the United Nations (FAO) estimates that food prices could rise between 8% and 22% if the interruption in world trade as a result of the conflict between Russia and Ukraine.
“It is worrying that the resulting global supply gap could increase international food prices between 8% and 22% above their already high levels”says a recent report by the international organization.
What is the cause of that? According to the FAO report, the Russian country is the world’s leading exporter of wheat, while Ukraine is in fifth place. In this way, both nations together provide 19% of the barley supply, 14% of the wheat and 4% of the world’s corn.
The countries that are in conflict contribute 52% of the World Market export of sunflower oil. In addition, the global supply of fertilizers is concentrated in Russia.
The director general of the FAO, QU Dongyu, explained thatl least 50 countries that import 30% of wheat from Russia and Ukraine would be affected by the restriction in the supply chain and the logistics of the production of cereals and oilseeds.
The official commented that this global rise in food prices will affect households, especially the most vulnerable, since they usually allocate most of their income to the purchase of basic products for the family basket.
It is important to remember that last February the food price index stood at an average of 140.7 points, which represents 20.7 points above the level in the same month of 2021, according to the FAO.
Source: Larepublica
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