Global food prices remain high for consumers despite their decline

Global food prices, which have risen sharply after Russia’s war against Ukraine and the effects of the pandemic, are declining but remain high for domestic consumers.

Source: IMF’s Budget Bulletin review, which was presented on Wednesday by Vitor Gaspar, the Director of the IMF Financial Department, reports Ukrinform

Details: “The war in Ukraine has increased price pressure on global food markets amid already rapidly rising commodity prices and a sharp rise in inflation due to recovering demand and supply chain disruptions,” the IMF reported.

Although global food prices have declined from their peak levels in mid-2022, domestic prices continue to rise, and risks to food production will continue to threaten food price stability in 2023.

In addition, grain production and excessively high fertiliser costs will be negatively affected by the ongoing war.

Background:
In March, global food prices declined for the twelfth consecutive month, with the FAO (Food and Agriculture Organisation) price index at 126.9, down 2.1% from February and 20.5% from March last year.

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