Rising commodities prices driven by the Russia-Ukraine crisis threaten to undermine Kenya’s economy, increase poverty
Much of the early attention on the Russian-Ukraine conflict’s food security impacts has been concentrated on countries highly dependent on wheat imports from the Black Sea region. Given the important role that wheat products play in the diets of people in Egypt, Sudan, Yemen, Lebanon, and other countries, the interruption in Black Sea wheat trade and high prices have raised serious concerns about rising levels of food insecurity, poverty, and instability around the world.
The Russia-Ukraine crisis presents threats to Nigeria’s food security, but potential opportunities for the fertilizer, energy sectors
The current rise in global market prices for major food commodities almost mirrors that of the 2008 food crisis, presenting a worldwide threat to food security. The situation is particularly severe in Africa, where the COVID-19 pandemic and now the Russia-Ukraine crisis have exposed the vulnerability of food systems to major shocks, particularly in countries like Nigeria that rely heavily on imports of major staple foods such as rice and wheat.
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.