Global food prices hit record high with fastest monthly rise in 14 years ukraine war Supplies of grains and vegetable oils have been hit, a shift that could hurt the world’s poorer countries the most.

March’s food price index Supplies from the U.N.’s Food and Agriculture Organization hit a third straight all-time high, surging 34 percent from a year earlier, after the war shut down supply lines to Ukraine and Russia. The index was 12.6 percent higher than in February, a rise the group called a “huge leap.”

Many poorer countries are already struggling with the impact of Covid-19, and several countries in the Middle East and North Africa depend on both Ukraine and Russia for food and vegetable oils.Food inflation has fueled protests in some countries, including Sri Lanka, as the problem fuels serious economic and political crisis.

“The ongoing conflict in Ukraine is fueling concerns about the impact on global food security,” said FAO Deputy Director-General Beth Bechdol. “We’re witnessing an increase in food prices across the board.”

The World Bank has has been warned Rising food prices could cause lasting damage to low- and middle-income countries and could push millions into poverty.

Russia and Ukraine are important exporters of grains and sunflower oil, accounting for about 30 percent of global wheat trade. Russia has continued to ship wheat since it invaded its neighbor in February, but sanctions have complicated payments, leading to supply uncertainty.

After poor harvests last year due to bad weather and a sharp rebound in demand from post-pandemic lockdowns, food price inflation was taking root before the war began. But nearly 50 countries depend on Russia and Ukraine for at least 30 percent of their wheat imports, according to the FAO.

In 2021, 36 of the 55 countries with food crises depend on exports from Ukraine and Russia for more than 10% of their total wheat imports, including 21 countries with major food crises.

The fastest increase in the index in March was the price of vegetable oil, which rose 23.2% month-on-month to a record high.

“International sunflower oil quotations rose sharply in March as the ongoing conflict in the Black Sea region reduced export supplies,” the FAO said.

Cereal prices rose 17.1% month-on-month, also hitting a record high.