Impact of freight rates & grain prices on food prices worldwide 2022

Globally, consumer food prices are expected to rise by 3.68 percent due to the increase in freight rates and grain prices. The comparative increase is showing the difference to a market where the prices and rates from February 2022, before the war in Ukraine, had remained stable. Lower middle income economies face the steepest increase in food prices since the shipping costs are highest for this group of countries.

Impact of grain prices and shipping costs on food prices worldwide in 2022, by country income group

Characteristic	Freight rates	Grain prices
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Release date

June 2022

More information

Region

Worldwide

Survey time period

February to May 2022

Special properties

Increase is compared to prices based on values from February 2022

Supplementary notes

The source notes about the methodology: "Scenario with a 59 percent dry bulk freight rate increase and a 19 per cent global grain price increase compared to no increase (i.e. same freight rate and grain price levels as February 2022) as a percentage of the consumer food price level. The assumptions are based on a 59 per cent increase in the Baltic Dry Index between February 2022 and May 2022 and a 19 per cent increase in the global grains price index between February 2022 and April 2022. The simulation methodology is similar to the one used in chapter 3 of Review of Maritime Transport 2021" The source notes: "Calculations based on data provided by Clarksons Research Shipping Intelligence Network, the IMF, International Financial Statistics, Direction of Trade Statistics and Consumer Price Index, UNCTAD Statistics, and the World Bank, World Integrated Trade Solution, Commodity Price Data (The Pink Sheet) and A Global Database of Inflation (accessed May 2022)."

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