Russia’s ongoing invasion of Ukraine is not looking to halt any time soon and the impacts of the war could be seen on the global economy. The constant rise in the global crude oil prices due to the disrupted supply chain has posed a serious threat to the food prices in India.
Russia is the world's third-largest crude oil supplier and the current global sanctions have hindered the supply chain. This has impacted the global oil market as Brent crude’s cost is running above $100 a barrel for the past week or so.
India witnessed a constant hike in the fuel prices for the 8th day in a row with petrol crossing the Rs 100 mark in several states. The hike in fuel prices directly impacts the cost of food products as the transportation cost of these items is running high.
The World Bank report on International Comparison in 2017 said that almost 72% of the Indian population could not afford a healthy diet & about 43% of Indians are restrained to consume a nutrient-adequate diet due to affordability. These numbers are expected to grow in the near future.