Financial Times published an article stating that rising protectionism is exacerbating chaos in global food markets brought on by the war in Ukraine, with governments clamping down on exports of staples including grains, cooking oil, and pulses. Soaring food prices and, in some cases, the threat of social unrest has led to an increase in exporters banning overseas sales or putting in place other restrictions such as taxes or quotas. According to IFPRI, before the invasion of Ukraine in February, droughts and COVID-19 labor restrictions had driven international food prices higher. The war has led to 23 countries turning to food protectionism. IFPRI also reported that the share of restricted products in the world food trade measured in calories was 17 percent, the same level seen during the 2007-08 food and energy crisis. Republished in Financial Review, The National (Romania).
Food protectionism fuels global inflation and hunger (Financial Times)
May 08, 2022