U.N. Food Agency Says Prices Could Rise 20%

The United Nations Food Agency said international food and feed prices could jump by as much as 20% because of the war in Ukraine. The Food and Agriculture Organization said that would trigger a jump in global malnourishment. The agency says it’s not a sure thing that Ukraine will be able to harvest any crops if the war drags on, which would also impact the prospects for Russian exports this year.

Russia and Ukraine combine to provide 19% of the world’s barley supply, 14% of the wheat, and 4% of the maize, which Reuters said makes up more than one-third of the global cereal exports. Russia is also a world leader in fertilizer exports.

“The likely disruptions to agricultural activities of these two major exporters of staple commodities could seriously escalate food insecurity globally,” according to FAO’s Director.

The food price index already hit a record high in February.

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