World Bank blames Russia for food inflation, projects 574m global poverty population
by ebor cletus ralph jr
One of the factors contributing to food inflation and insecurity around the world has been identified as Russia’s invasion of Ukraine.
Remember that in February 2022, Russia invaded Ukraine, disrupting the world’s food supply because both nations produce around 30% of the world’s wheat.
Additionally, they provide 60% of the world’s sunflower oil, the third-most traded seed oil behind palm and soy. Additionally, 20% of the corn produced worldwide is grown in Russia and Ukraine.
Nigeria’s food inflation increased from 17.11% in February 2022 (after declining from 17.13% in January) to 24.13% in November 2022 amid the conflict between Russia and Ukraine.
In its 2022 Year In Review, the World Bank said, “Food inflation and food insecurity rose significantly throughout the year, exacerbated by climate change and Russia’s invasion of Ukraine – contributing to higher food, fuel, and fertilizer prices.”
The World Bank also predicted that its target of reducing extreme poverty to 3% of the global population by 2030 would not be achieved, since 7% of people will now be living in poverty eight years from now, according to the research.
The World Bank estimates that 685 million people could be living in extreme poverty by the end of 2022.
“The COVID-19 pandemic dealt the largest setback to global poverty reduction efforts in decades, and the recovery has been highly uneven.
“By the end of 2022, as many as 685 million people could be living in extreme poverty — making 2022 the second-worst year for poverty reduction in the past two decades (after 2020).
“In addition to the lingering effects of the pandemic, rising food and energy prices—fueled by climate shocks and conflicts such as the war in Ukraine—have hindered a swift recovery.
“It is now projected that 7% of the world’s population—roughly 574 million people—will still struggle in extreme poverty in 2030 — far short of the global goal of 3% in 2030,” the World Bank report reads.
