00:00The conflict in the Middle East is driving up global food prices as rising energy and
00:05fertilizer costs drive up production expenses. According to the United Nations Food Agency,
00:11the food price index rose 2.4% in March from the previous month, marking a second straight increase.
00:20Vegetable oil prices saw the sharpest increase, jumping more than 5% with palm oil hitting its
00:26highest level since mid-2022 amid surging crude prices. The Food and Agriculture Organization
00:33Chief Economist, Maximo Torero, says price increases have stayed modest so far as ample
00:39global cereal supplies have helped cushion the overall impact. But if the conflict drags on
00:44beyond 40 days, higher input costs could force farmers to cut production, threatening future
00:50supplies and driving prices up next year. The United Nations World Food Programme warns global
00:59hunger could reach record levels this year if the Middle East conflict continues to escalate.
01:04It estimates that nearly 45 million more people could face acute hunger, on top of the 318 million
01:11already food insecure if the conflict persists and all prices remain above $100 a barrel.
01:18The agency says the conflict disrupts supply chains and delays the delivery of critical food aid worldwide.
01:24Countries in sub-Saharan Africa and parts of Asia are expected to be hit hardest,
01:30given their heavy reliance on food and fuel imports.
Comments