Food security risks in Asia driven by climate change, worsened by Ukraine war

RAHUL BAJORIA

Higher energy prices are in the spotlight following Russia’s invasion of Ukraine, but it is the surge in food prices that will have greater consequence for people across Asia.

In the months prior to the war, global commodity prices rose significantly. Crude oil prices are off their highs but up 56 per cent year-on-year, while natural gas is up about 150 per cent. Global food prices were also rising, with prices up by more than 34 per cent in the year to March, according to the Food and Agriculture Organisation (FAO), fuelled in part by transportation costs. Wheat is up 47 per cent, corn 18 per cent and soybeans 9 per cent. Sunflower oil, palm oil and soybean oil have all hit record highs since the war started.