Food prices are likely to rise globally in 2022 due to the Russian invasion of Ukraine. Both countries are key producers of wheat, corn and other agricultural products.

With inflation already above target in many countries due to high energy prices and supply chain bottle necks, headline readings are now expected to remain higher for longer.

“We think that a complete ban on Russian energy imports would cause the prices of Brent crude oil and European natural gas to surge to $160 per barrel and