// International Monetary Fund boss Kristalina Georgieva warns world economy on brink of food crisis
// The prices of wheat, maize and vegetable oils have increased since the invasion of Ukraine
The Ukraine invasion and the supply chain disruption has led the world economy to the brink of a food crisis, the International Monetary Fund boss Kristalina Georgieva warned.
The prices of wheat, maize and vegetable oils have increased since the invasion of Ukraine disrupted the production and shipping of crops from the region.
“We have had commodity price shocks in many countries. We have seen oil prices decline, but food prices continue to go up and up,” Georgieva said.
“We can shrink our use of petrol when [economic] growth slows, but we have to eat every day.”
It comes after Bank of England governor Andrew Bailey last week warned of an “apocalyptic” rise in inflation if Ukrainian farming exports continued to be held back from countries that were net food importers.
Bailey said inflation in the UK will continue to rise if the ongoing food crisis doesn’t abate.
A group of 50 economists surveyed by the World Economic Forum said the world is heading for its worst food crisis on record, with countries in sub- Saharan Africa, the Middle East and north Africa likely to be the worst affected.