Record Declines in Grain Prices May Ease Global Food Crisis

Despite the El Nino-related weather disturbances affecting key agricultural areas globally and the disruptions in the Black Sea stemming from the war in Ukraine, there is encouraging data suggesting further easing in food inflation in the new year. This development comes amid the soaring risks of food riots in emerging markets, as the weakening of EM currencies against the dollar has made staple foods increasingly more expensive for poorer populations worldwide.  Bloomberg data shows corn and wheat prices have recorded their largest annual…