Global food prices in 2022 hit a record high amid drought and war

TL;DR

Global food prices in 2022 hit a record high amid drought and warROME — Global prices for food commodities like grain and vegetable oils were the highest on record last year even after falling for nine months in a row, the U.N. Food and Agriculture Organization said, as Russia's war in Ukraine, drought and other factors drove up inflation and worsened hunger worldwide.The December decline was led by a drop in the price of vegetable oils amid shrinking import demand, expectations of increased soy oil production in South America and lower crude oil prices."It is important to remain vigilant and keep a strong focus on mitigating global food insecurity given that world food prices remain at elevated levels, with many staples near record highs, and with prices of rice increasing, and still many risks associated with future supplies."Russia's invasion of Ukraine in February exacerbated a food crisis because the two countries were leading global suppliers of wheat, barley, sunflower oil and other products, especially to nations in parts of Africa, the Middle East and Asia that were already struggling with hunger.The organization's Vegetable Oil Price Index hit an all-time high last year, even as it tumbled in December to its lowest level since February 2021."

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