World Food Prices Skyrocket Amid Russia Ukraine War

New Delhi: World food prices hit new highs in February 2022 led by rising vegetable oil and dairy products prices. According to a report by Reuters, the World Food Inflation in February 2022 rose 20.7 per cent as compared to February 2021. As per latest data by Food and Agriculture Organisation (FAO), inflation rose 3.9 per cent from January 2022.Also Read - Share Market Today: Sensex Today Falls Over 1,400 Points, Nifty Ends Below 15,900

As stated above, the data was collected before Russia launched military attacks on Ukraine, disrupting the supply of various commodities including oil and wheat. The real impact may be much worse.

According to the report, Russia and Ukraine combined export over 29 per cent of the total wheat to the world. Also, they import over 19 per cent corn and 80 per cent of the sunflower oil. The war in Ukraine has pushed commodity prices higher.