The Week published an article stating that Russia’s war on Ukraine has sent food prices skyrocketing, leaving millions at risk of going hungry. Prices had already been trending upward due to global inflation and shortages caused by COVID-19, as well as the rise in gas prices that increased the cost of shipping. Now the war has made virtually every component of the global supply chain far more expensive.
The Biden administration said it’s in talks with Canada and European countries to ship more food aid to hungry countries and help farmers boost crop yields. France is considering food vouchers for its citizens, while the United Kingdom has cut gas and diesel taxes to ease pressure on deliveries. China, meanwhile, has been buying up U.S. soybeans, corn, and other supplies. But each country’s vulnerability to price shocks will be unique, said Derek Headey, senior research fellow, “and the complexity of the global supply chain makes it difficult to determine whether any particular price is rising because of the war or the pandemic or some other cause. We thought 2007-08 was a perfect storm,” he said. “This one seems like a more perfect storm.”