Record-high global food prices could get even higher, according a report released by the UN on Friday (March 11). The UN warned that the prices of food around the world could increase by another 22% as a direct result of Russia's deadly invasion of Ukraine.
The report comes from the Food and Agricultural Organization (FAO) branch of the UN, which says prices of food are likely to keep getting higher since food production in Russia and Ukraine account for a tenth of the world's calories. Since February, both countries' food output have fallen which has led to a "steep and steady reduction" of exports, the report says.
Specifically of concern is the global wheat supply since Russia is the world's largest producer of the crop and Ukraine is the fifth largest. Fifty countries alone rely on both countries for at least 30% of their wheat supply, FAO Director General QU Dongyu told The Hill.
"Many of them are the least developed countries or low-income, food-deficit countries in Northern Africa, Asia, and the Near East," Dongyu explained, adding that "the conflict's intensity and duration remain uncertain," which could ultimately "seriously escalate food insecurity globally."
The grim warning comes as record inflation impacts the globe, including the US where gas prices have reached an all-time high and food prices have put a strain on households since the ending of last year.
The US Department of Labor released a report Thursday (March 10) that showed a 7.9% increase in food prices in the last 12 months, with 0.8% of that seen in February 2022 alone.