Rising Global Food Protectionism Risks Worsening Inflation
- Malaysia and India are safeguarding chicken and crop supplies
- Around 30 countries curbed exports recently: Fitch Solutions
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Food protectionism is on the rise in the developing world as governments try to safeguard local supplies, and the effects are threatening to spill over into richer economies.
Countries are restricting exports to cope with high prices that have been exacerbated by the war in Ukraine. Malaysia just announced a ban on chicken exports, causing consternation in Singapore, which gets a third of its supplies from there. India has moved to curb wheat and sugar shipments, Indonesia has limited palm oil sales, and some other nations have issued grain quotas.