By Emma Ujah, Abuja

Global food prices are poised to keep climbing even after jumping to a record high in February, 2022, the International Monetary Fund (IMF) has said.

The world body, in a blog, yesterday, warned that poor nations of the world would be hit hardest by the impending food crisis, occasioned by the Russian invasion of Ukraine.

The high food prices, it added, would place “heaviest burden on vulnerable populations while adding to headwinds for the global economic recovery.”

Food commodity prices rose 23.1 percent last year, the fastest pace in more than a decade, according to inflation-adjusted figures from the United Nations Food and Agriculture Organization.

February’s reading was the highest since 1961 for the gauge tracking prices for meat, dairy, cereals, oils, and sugar.

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The institution said, “Now, the war in Ukraine and sanctions on Russia are upending shipments and possibly production for two of the world’s largest agricultural producers.

“The two countries account for nearly 30 percent of world wheat exports and 18 percent of corn, most of which is shipped through Black Sea ports that are now closed. Wheat futures traded in Chicago, the global benchmark, recently rose to a record.

“The Chart of the Week shows how price shocks will have worldwide impact, especially on poor households for whom food is a higher share of expenses.

“Food costs account for 17 percent of consumer spending in advanced economies, but 40 percent in sub-Saharan Africa. Though this region is highly import-dependent for wheat, the grain constitutes only a minor share of the total caloric needs.”

Vanguard News Nigeria