The UN Food and Agriculture Organization (FAO) has reportedly warned that the war in Ukraine threatens to disrupt the supply of major staple crops, causing prices to soar and putting millions in danger of severe hunger.
Maximo Torero, Chief Economist, FAO, stated that the Covid-19 pandemic had already surged food prices even before the Russian invasion, and the additional strain could further damage the global food system.
As per the FAO, food prices have been on the rise since the second half of 2020, hitting a record high in February after barley and wheat prices rose by one-third and sunflower and rapeseed oil prices rose by 60% in 2021. With rising energy prices, the price of urea has more than tripled in the last year as well.
At least 50 countries rely on Ukraine and Russia for more or less 30% of their wheat supply, with the most reliant of them being the developing nations in Asia, northern Africa, as well as near east.
Torero expressed that his greatest fear was having a situation with extreme food prices in poor countries that are already experiencing a weak financial condition due to the pandemic, which may cause the number of people chronically hungry to increase substantially.
Before the war, Ukraine alone exported 12% of global wheat and was the largest producer of sunflower oil. While around two-thirds of its wheat exports had been delivered before the invasion, the rest of the supply has been blocked and farmers will be unable to continue spring planting or harvest grains in summer.
Apart from staples, Russia and Ukraine are major producers of fertilizers as well, which are already seeing elevated prices due to increased energy prices, soaring higher due to the war and severely impacting the costs of agricultural production.
Last week, agriculture ministers of the G7 nations met to coordinate a response to the food crisis, and are urging countries to keep their markets and food systems open.
Torero has urged countries to also share information on food availability, stocks, and harvest, while also working on supply issues, asking countries that can produce more to do so.
Source credit: https://www.theguardian.com/world/2022/mar/14/ukraine-invasion-worldwide-food-crisis-warns-un
