74 developing countries, with a total population of 1.2 billion people, are particularly vulnerable to spiking food, energy, and fertilizer costs due to Russia’s war in Ukraine
“Far beyond Ukraine’s borders, the war has led to massive increases in the prices of food, energy, and fertilizers, because Russia and Ukraine are lynchpins of these markets. It has disrupted supply chains, and increased the cost of transportation, putting even more pressure on the developing world,” stated António Guterres, the UN Secretary-General.
The United Nations’ analysis indicated that 74 developing countries, with a total population of 1.2 billion, were particularly vulnerable to spiking food, energy, and fertilizer costs that could ripple as a result of the war.
In March 2022 alone, wheat prices have increased by 22%, maize by 21%, and barley by 31%. Brent oil prices on April 1, were more than 60% higher than at the same time last year. Natural gas and fertilizer prices more than doubled over the same period.
“We are already seeing some countries move from vulnerability into crisis, and signs of serious social unrest. The flames of conflict are fueled by inequality, deprivation, and underfunding,” Guterres claimed, urging: “The war in Ukraine must stop — now.”