Food prices have been rising at a record rate, driven by disruptions caused by the Ukraine-Russia war and skyrocketing inflation rates. Because both Russia and Ukraine are major exporters of several food commodities, including wheat and corn, the continued war and economic sanctions imposed on the former have pushed up food prices globally.
The World Bank estimates a 37% year-over-year rise in food prices worldwide. And the USDA's Economic Research Service predicts a 4.5%-5% year-over-year rise in domestic food prices this year. With worsening supply chain disruptions and soaring inflation rates, food prices are expected to reach fresh highs in the coming months.
