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At a time when we talk about driverless cars and virtual reality headsets, it’s hard to believe that over 2-billion people face regular food security issues.

Russia’s invasion of Ukraine has brought food security issues to our doorstep: agricultural food prices jumped 36.6% year-on-year in March, after rising 28% in 2021, according to the World Bank. 

Ukraine accounts for 12% of global grain exports. Ukraine and Russia produce 65% of sunflower oil exports and more than 25% of wheat exports. Global cereals supply is already stretched.

Food price shocks hit lower-income countries the hardest — this is already being reflected in sovereign spread widening in emerging markets, according to a recent thematic note on food security published by Bank of America Global Research.

Michael Avery is joined by lead author Kay Hope, a research analyst specialising in ESG issues related to fixed income at Bank of America.

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