Global supply crunch

Food prices will remain elevated in the near term

The world is staring at one of its worst food crises in recent decades due to poor harvests in many regions and an acute supply crunch triggered by the Russia-Ukraine conflict, and exacerbated by precautionary export cuts by food exporters. About 15 countries are reported to have imposed curbs on food and fertiliser exports, shoving global food inflation to record highs and causing food shortages in many countries. Indonesia’s ban on the shipments of palm oil and India’s restrictions on wheat exports are the latest instances of the cautious approach adopted by various nations to safeguard their domestic interests.

Strong economic