THE World Bank, International Monetary Fund and the UN World Food Programme warned yesterday that sharp increases in oil, natural gas and fertiliser prices triggered by the war in the Middle East will inevitably cause rising food prices and food insecurity.
In a joint statement issued after a meeting on the war, the leaders of the global institutions said the burden would fall most heavily on the world’s most vulnerable populations, particularly in low-income, import-dependent economies.
“The Middle East war is upending lives and livelihoods in the region and beyond. It has already triggered one of the largest disruptions to global energy markets in modern history,” the joint statement said.
“Sharp increases in oil, gas, and fertiliser prices, together with transport bottlenecks, will inevitably lead to rising food prices and food insecurity.”
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