According to Reuters, the World Bank, the International Monetary Fund and the World Food Program of the United Nations warned in a joint statement on the 8th local time that, the sharp rises in oil, gas and fertiliser prices triggered by the fighting in the Middle East will inevitably lead to higher food prices and greater food insecurity.
A sign in front of the International Monetary Fund headquarters building
Reported that the heads of the three international agencies said in a statement that the war will make the world’s most vulnerable groups, especially low-income, import-dependent economies, bear the heaviest burden. “The war in the Middle East is disrupting lives and livelihoods in the region and beyond, and has triggered one of the greatest upheavals in global energy markets in modern history,” the statement said, “The combination of sharp increases in oil, gas and fertiliser prices and transport barriers will inevitably lead to higher food prices and increased food insecurity.”
The three international agencies said they would continue to follow developments closely and“Coordinate the use of all available tools to support people affected by the crisis”.
More than a month after the start of the war with Israel, New York crude oil futures have surged from below $70 a barrel to above $110 in early April. On the evening of April 7, oil prices rallied as they neared $90 a barrel, suggesting that a sharp correction may not be imminent.
In addition, the African Union, the United Nations Economic Commission for Africa, the African Development Bank and the United Nations Development Programme have recently issued a joint policy brief saying that due to the obstruction of the transportation of liquefied natural gas produced in the Persian Gulf, the limited supply of ammonia fertiliser and urea products will sharply increase fertiliser prices for the march-may planting season and feed through to end-use areas such as food.