Never in the 18-year history of the Food Price Index has prices been as high as they are now. According to the Food and Agriculture Organization, prices surged 3.9% in February, thanks in large part to concerns surrounding Russia’s invasion of Ukraine. The index is based on prices for five commodities and last month’s report was a whopping 21% higher than last year and 3.1 points above the previous record set in February of 2011. Strong global demand with concern for production has driven prices up markedly.

Additionally, the inflation rate among industrialized nations was 7.2% in January, the highest year-on-year increase in 31 years.

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