Trade restrictions are inflaming the worst food crisis in a decade
World Bank
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Wednesday, July 6, 2022
The price of wheat, a key staple in many developing countries, has shot up by 34 percent since the Russian invasion of Ukraine in late February. Other food costs have also risen. In response, as of early June, 34 countries had imposed restrictions on exports on food and fertilizers – a figure approaching the 36 countries that used such controls during the food crisis of 2008-2012. These actions are self-defeating because they reduce global supply, driving food prices even higher. Other countries respond by imposing restrictions of their own, fueling an escalating cycle of trade actions that have a multiplier effect on prices.
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