Prices rise worldwide, 40 million people may be in extreme poverty

The forecast was made by the Center for Global Development yesterday, when assessing the consequences of export restrictions and sanctions on the Russian food production sector.

According to the World Bank definition, people with an income of less than 1.9 USD/day are defined as extreme poverty.

Customers that directly import wheat from Russia and Ukraine, which account for 25% of world wheat exports, are the most worrying, the researchers say. However, prices will increase worldwide as importers compete to find alternative sources of supply.

The Center for Global Development urges development agencies and international financial institutions to act urgently as humanitarian aid needs grow worldwide, while rich countries should provide additional funding. for these institutions to prepare for the coming food crisis.

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