Soaring agricultural product prices, three reasons (Chosun) 

Chosun (Korea) published an article stating concern about soaring food prices. As major agricultural producers take measures to restrict the export of agricultural products under the guise of food security, “agflation” is worsening. According to IFPRI,  (See tool, Food & Fertilizer Export Restrictions Tracker), since the beginning of June 2022, 27 countries, including Russia and Ukraine at war, have implemented food export bans and restrictions. India temporarily banned exports of wheat last month and limited sugar exports (10 million tons this year), Indonesia temporarily suspended exports of palm oil, a vegetable oil, and Egypt temporarily suspended exports of major grains such as wheat and soybeans in April. In addition, Turkey, Argentina, Serbia, Iran, Kazakhstan, and Pakistan are joining the ranks of export bans and restrictions on agricultural products. At the beginning of the Ukraine crisis, there were only four countries that banned or restricted the export of agricultural products, but that number has increased sevenfold in about four months.