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CED’s Policy Backgrounders provide timely insights on prominent business and economic policy issues facing the nation.
Global food prices were already rising significantly before the invasion of Ukraine. The invasion, however, has set off another round of price increases for basic foodstuffs including grains (notably wheat) and cooking oils such as sunflower oil. As the invasion continues into the spring planting season, pushing many Ukrainian farmers off their farms, the effects could easily become dire: the UN has warned of the distinct consequences of a severe food crisis later this year in many countries around the world, notably in the Middle East and Africa, with millions of people at risk of food insecurity because of higher prices and lack of supply.
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