Inflation for the month of April stood at 6.1%, the highest figure since October 2018, according to data from the Department of Labor and Human Resources. The rise is due to the increase in the price of gasoline (37.1%) and food, mainly oils (24.7%), meat, poultry, fish, eggs (11.2%), and cereals (8.5%).
Prices have been affected by the Russian invasion of Ukraine, which has caused oil and grain prices to rise and supply chain problems, aggravated by the increase in COVID-19 cases in China. This will likely worsen and prices of food will continue to increase. Before the Russia-Ukraine conflict began, the two countries supplied a combined one-third of the world’s wheat exports and were in the top five exporters of corn. Coupled with widespread fertilizer shortages, supply chain issues, and record droughts, the world has about 10 weeks worth of wheat on hand, a food insecurity expert told the United Nations Security Council this week.