The International Monetary Fund boss, Kristalina Georgieva has warned the Ukraine invasion and supply chain disruption has resulted in the world economy to be on the brink of a food crisis.
The news comes as the price of vegetable oil, wheat and maize have increased since the invasion of Ukraine disrupted the production and shipping of crops.
“We have had commodity price shocks in many countries. We have seen oil prices decline, but food prices continue to go up and up,” Georgieva said.
“We can shrink our use of petrol when [economic] growth slows, but we have to eat every day.”
READ MORE: Sainsbury’s and Co-op face supply issues following Ukraine war
The news comes as the cost of groceries has sky rocketed at its fastest rate for 13 years, according to new figures.
According to Kantar, grocery price inflation reached 7% over the past month, to the highest level since May 2009.
Last week the Bank of England’s governor, Andrew Bailey, warned there is “very real income shock” coming from “apocalyptic” food prices but stood by the banks policy decision.
According to Bailey, he felt “helpless” as he defended the Bank of England’s monetary policy despite households being impacted by soaring inflation.
A group of 50 economists, surveyed by the World Economic Forum, revealed the world is heading for its worst food crisis on record, with countries in sub- Saharan Africa, the Middle East and north Africa likely to be the worst affected.
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