The world has been in a period of surging food prices for several reasons. These include drought in South America and Indonesia, rising demand for grains and oilseeds in China, and, more recently, the disruption of the global grains and oilseeds exports following the Russia-Ukraine war. In March 2022, the FAO Global Food Price Index rose to a record level since its inception, illustrating the price increases observed across the world’s major agricultural producing and exporting regions.
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