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Rising global food protectionism amid Ukraine war risks worsening inflation

Countries are restricting exports to cope with high prices that have been exacerbated by the war in Ukraine

A United Nations gauge of world food prices has jumped more than 70% since mid-2020 and is near a record after the invasion of Ukraine choked off crop exports and rattled supply chains. (Photo: Bloomberg)
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A United Nations gauge of world food prices has jumped more than 70% since mid-2020 and is near a record after the invasion of Ukraine choked off crop exports and rattled supply chains. (Photo: Bloomberg)

Low De Wei | Bloomberg
Food protectionism is on the rise in the developing world as governments try to safeguard local supplies, and the effects are threatening to spill over into richer economies.
 
Countries are restricting exports to cope with high prices that have been exacerbated by the war in Ukraine. Malaysia just announced a ban on chicken exports, causing consternation in Singapore, which gets a third of its supplies from there. India has moved to curb wheat and sugar shipments, Indonesia has limited palm oil sales, and some other nations have issued grain quotas.

The poorest countries are most vulnerable to surging food prices

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First Published: May 25 2022 | 8:28 AM IST

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