Economic Buzz: IMF, World Bank, World Food Programme caution about rising food prices due to Middle East war

The Middle East war is upending lives and livelihoods in the region and beyond, the International Monetary Fund (IMF), the World Bank Group (WBG) and the World Food Programme (WFP) mentioned in a joint statement. It has already triggered one of the largest disruptions to global energy markets in modern history, they noted. Sharp increases in oil, gas, and fertilizer prices, together with transport bottlenecks, will inevitably lead to rising food prices and food insecurity. The burden will fall most heavily on the world?s most vulnerable populations, particularly in low‑income, import‑dependent economies. Spikes in fuel prices and potential sharp increases in food prices are especially concerning where fiscal space is constrained and debt burdens are already high, reducing governments? ability to protect vulnerable households. Our institutions will continue to monitor developments closely and coordinate the use of all available tools to support those impacted by the crisis.

Powered by Commodity Insights