John Greim/LightRocket via Getty ImagesInflation is so bad it sent a price index of food items from the United Nations Food and Agriculture Organization (FAO) 12.6% up on-month in March to a high not seen since the organization started measuring international food prices in 1990.
The biggest price gains came from a price index that measures the prices of grains like wheat and corn, and a vegetable oil index that measures the prices of products like sunflower oil and soybean oil.
Russia and Ukraine, located in the Black Sea region, account for 30% of global wheat exports and 80% of global sunflower exports, according to the FAO. With the war in Ukraine and sanctions against Russia, supply chains for the commodities have been disrupted, driving prices up and contributing to consumer inflation — which was already flaring up before the war as the pandemic ebbed.
"With energy prices rising in parallel with food prices, the purchasing power of vulnerable consumers has further decreased," said FAO Director-General Qu Dongyu in a speech last Friday, according to a transcript published online. "This additional burden comes at a time when higher health spending and the costs of controlling the pandemic are already squeezing the budgets of many governments."
Here's how bad food inflation is in five charts that track the prices of food from January 1990 through March 2022.