It seems more than oil, it is the food items that will be increasingly in short supply in most parts of the world because of the ongoing Russian invasion in Ukraine. And it is the resultant food scarcity, not the oil crisis, which will dominate the global geopolitical agenda in the days ahead.
Undestangily, therefore, the UN Security Council has just held a ministerial meeting on ‘Global Food Security Call to Action’ chaired by US secretary of state Antony Blinken under the US presidency of the UN Security Council for the month of May.
The most ominous warning in this regard has come from Andrew Bailey, the Governor of the Bank of England. According to him, “the world must brace for apocalyptic food price rises in the face of surging inflation if Ukraine is unable to ship wheat and cooking oils out of its main ports because of a Russian blockade.”
Rising food inflation, driven by a series of external shocks, including the…
