Inflation has pushed 71 million people into poverty since the Ukraine crisis

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More than 71 million people live in poverty around the world as the Ukraine crisis continues to drive up food and energy prices, the United Nations Development Program (UNDP) has warned in a new report .

By comparison, the UNDP reported that 125 million people experienced poverty for about 18 months during the pandemic shutdowns and closures.

The report estimates that an additional 51.6 million people fell into poverty, living on $1.90 a day or less, and an additional 20 million people fell below the poverty line of $3.20 a day over the of the first three months after Russia’s special military operation in Ukraine.

Russia and Ukraine are both major food suppliers to the global market, together accounting for almost a quarter of global wheat exports, 14% of corn exports and more than half of oil exports. of sunflower. Russia was also the world’s largest and second largest exporter of natural gas and crude oil.

In low-income countries, food expenditure typically accounts for 42% of families’ household income. As Western countries impose sanctions on Russia, people have seen the price of fuel and basic foodstuffs like wheat, sugar and cooking oil soar.

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Christi C. Elwood