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It remains uncertain how the combination of harvest disruptions, energy prices, and monetary policy will play out. Slowing global economic growth, which has a modest direct effect on food prices, central bank interest rate hikes have significantly eased price pressures.
“Food prices, which reached a record earlier this year, have increased food insecurity and raised social tensions. They have also strained the budgets of governments struggling with rising food import bills and diminished capacity to fund extra social protection for the most vulnerable.” IMF