By: Brendan Bayley, Ian Mitchell
There are concerns that this year’s El Niño—set to be the largest in living memory—could add another source of pressure on global food markets, alongside volatile global oil and fertilizer prices as a result of conflict in the Middle East, and renewed disruption of Black Sea grain exports as a result of the Russia-Ukraine war. Are we heading for a food price spike that pushes millions into hunger and extreme poverty, as well as causing inflationary pressures across the global economy?