Nikkei Asia published an article on how countries are hoarding supplies as prices spike in wake of the Ukraine War. Export restrictions have been imposed on nearly a fifth of the global food trade. IFPRI's Food and Fertilizer Export Tracker finds that export bans, higher tariffs, and other barriers have been imposed on 17% of the international food market on a caloric basis as of June 28. (See IFPRI tool, Food & Fertilizer Export Restrictions Tracker). This current crisis, however, has become prolonged with a wider-reaching impact. Food prices had already been on an upward trend from pandemic-induced supply chain issues. The war in Ukraine opened another front on skyrocketing prices.
