Global food prices fall but shoppers still face bill hikes

Russia and Ukraine account for just 2% of global trade – but it’s their role as key providers of staples: grain, sunflower oil and fertilizer that makes the presence of this war felt on plates thousands of miles away. While the prices of cereals and oils slipped in the latest months, as alternative sources improved, prices across all commodity groups up by 23% compared to a year ago. With a delay of about six months before wholesale prices impact shop shelves, households are in for more pain in the short term. Moreover, these commodity prices are volatile at the best of time; there could be more upsets in store.