The United Nations Food Agency’s World Food Price Index fell in August, reversing the brief rebound from the previous month. However, the war in Ukraine is still threatening food security around the world.

According to Reuters, the FAO’s index, which monitors the prices of the most traded food commodities worldwide, averaged 121.4 points in August, down from 124.0 points in July. 

This was the lowest since March 2021, and 24% below an all-time high reached in March 2022 after Russia’s special military operation in Ukraine.

Several factors, including a bumper harvest in the United States and a weaker global economic outlook, drove the decline in food prices in August. 

However, the FAO warned that the war in Ukraine is still a major threat to food security.

Russia and Ukraine are major exporters of wheat, corn, and sunflower oil, and the war has disrupted global trade in these commodities. 

This has led to higher food prices in many countries, and the FAO warned that the situation could worsen if the war continues.

In Nigeria, the war in Ukraine has also significantly impacted food prices. The country is a major importer of wheat and corn from Russia and Ukraine, and the higher prices of these commodities have led to a rise in food inflation.