Food Prices

With the war in Ukraine continuing to disrupt global food markets and contribute to rising and volatile food prices, international policymakers are calling for coordination and humanitarian aid to prevent the situation from escalating into further food crisis. 

Food insecurity is endemic in Malawi, affecting up to 38% of the population every year in the run-up to the harvest in April. Although geographically distant, there are multiple channels through which Russia’s invasion of Ukraine can make matters worse this year.

Last week, the heads of the World Bank Group, International Monetary Fund, United Nations World Food Program, and World Trade Organization issued a joint statement calling for urgent global action on food security in response to skyrocketing global food prices.

The COVID-19 pandemic continues to have wide-ranging impacts on living standards, poverty, food insecurity, and economic stability across the globe. For low-income regions like Africa south of the Sahara (SSA), these impacts are particularly devastating. Many countries in SSA struggled with food insecurity before the outbreak of COVID-19, and the pandemic has only exacerbated those challenges by disrupting domestic food value chains, reducing remittances and other income, and lowering populations’ purchasing power and food access.

Russia's invasion of Ukraine has disrupted agricultural production and trade from one of the world's major food exporting regions. The war threatens to drive rising food prices still higher and create scarcity, especially for regions most dependent on wheat and other exports from Russia and Ukraine—particularly the Middle East and North Africa.