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Russia’s invasion of Ukraine in February 2022 sent a shock through global fertilizer markets. All agricultural trade in the region was disrupted for a time, and a number of countries imposed economic sanctions on major fertilizer producers Russia and its ally Belarus (the latter already targeted pre-invasion by European Union fertilizer export sanctions). Prices spiked, resulting in fears of widespread impacts on agricultural production. Since then, fertilizer prices have fallen from those initial highs and new trade routes and patterns have emerged.

After seven months of declines, the FAO Food Price Index rose slightly in March due to increased vegetable oil, dairy, and meat prices. The Index remained 7.7 percent below its March 2023 levels.

The war in Ukraine continues to disrupt the country’s agrifood sector, posing an ongoing threat to food security. Damage to critical infrastructure is hindering agricultural activity and the transportation of essential food to local markets and to export destinations. This situation, together with destroyed livelihoods and high inflation, is hampering access to food for millions of Ukrainians.

More than 7 million Ukrainians face acute food insecurity

Cocoa bean prices have climbed to record nominal levels over the past six months, more than doubling since August 2023 (Figure 1). This price spike has largely been driven by weather-related diseases that have reduced cocoa production in key West African countries accounting for almost three quarters of world supplies.

With global food systems facing various stresses—from the Russia Ukraine war to climate change—making them more resilient, health-promoting, and sustainable is more urgent than ever. A key tool in such a transformation is reforming agricultural policies and repurposing agricultural support. This is a major challenge, requiring bold action through concerted internal coordination and national-level policy reform.