Fears of an international hunger emergency after the Ukraine invasion proved unfounded
It’s hard to get through the day at the moment without someone leaping out at you with the latest warning about one international food crisis or other and the fragility of globalisation. On top of the widespread perception in the US that grocery prices are too high and this is Joe Biden’s fault — causing his aspirant successor Kamala Harris to launch a firmly vague campaign against price gouging — there are well-publicised problems in the supply chains for tea, coffee, chocolate and olive oil.
It’s an age-old cliché but it’s true: output responds to demand, and the best cure for high prices is high prices. Critically, not only did production recover but the world trading system continued to function. Russia’s hope in 2022 of creating famine abroad to force its foes to back down and lift sanctions miserably failed.
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