Commodities
Global Food Crisis Still Bites as War Drags On, US Envoy Says
- World is looking at ‘some difficult times,’ US diplomat says
- Funding for food security is going to be tight this year
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The world remains gripped by a historic food crisis as the war in Ukraine ripples across agriculture markets despite a drop in prices for key staples, according to US official Cindy McCain.
Food costs fell for the past nine months from a record in March to end 2022 roughly where they started, according to a United Nations gauge. Prices of fertilizers, a key expense for farmers, are also easing, amid hopes inflation may start to moderate.