Food prices soar to record levels on Ukraine war disruptions

ROME (AP) — The United Nations says prices for world food commodities like grains and vegetable oils have reached their highest levels ever because of Russia’s war in Ukraine. The U.N. Food and Agriculture Organization said Friday (April 8, 2022) that its Food Price Index, which tracks monthly changes in international prices for a basket of commodities, averaged 159.3 points last month, up 12.6% from February. As it is, the February index was the highest level since its 1990 inception. FAO says the war in Ukraine was largely responsible for the 17.1% rise in prices for grains, including wheat. Russia and Ukraine together account for around 30% and 20% of global wheat and corn exports, respectively.