Bloomberg warns of rising food prices due to conflicts and climate
Bloomberg warned that a combination of harsh weather conditions and military conflicts threaten to cause a record surge in global food prices. This is attributed to disruptions in the supply of staple grains, particularly in Russia and Ukraine, which provide more than a quarter of the world's wheat trade, two-thirds of sunflower oil exports, and a tenth of corn exports, creating gaps in the global supply chain. Additionally, a dry heatwave and wildfires across Europe, rising fuel and fertilizer costs due to military operations in the Middle East, and the climate phenomenon "El Niño" are all contributing to declining food production. These factors could lead to a widespread food crisis extending into early 2027, with expectations of rising food prices and a recurrence of past disruptions.
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