Bloomberg: Bad weather, conflicts may trigger new rise in global food prices

Adverse weather conditions, the Russia-Ukraine conflict and military operations in the Middle East could trigger a new wave of growth in global food prices, Report informs, citing Bloomberg.

According to the agency, Russia and Ukraine account for more than a quarter of global wheat trade, about two-thirds of sunflower oil exports and one-tenth of corn exports, while shipments through the Black Sea remain disrupted.

Bloomberg noted that the situation is being worsened by extreme heat, drought and wildfires in Europe, which could lead to the largest decline in grain production in decades. In addition, US and Israeli military operations against Iran have driven up fuel and fertilizer prices.

Bloomberg also cited El Niño as another risk factor. The climate phenomenon, marked by an abnormal increase in surface water temperatures in the Pacific Ocean, could negatively affect major rice producers and exporters.