We've reached peak global food inflation, says IFPRI expert

Global food prices have been going through the roof over the past few months — but there's some good news on the horizon.

Weather permitting, the prices of key commodities like wheat are now almost back to their levels before Russia invaded Ukraine, David Laborde, a senior fellow at the International Food Policy Research Institute, said during a livestream discussion on the global food crisis hosted by GZERO Media in partnership with the Bill & Melinda Gates Foundation.

"Overall, I think really we have reached in global markets already the peak in terms of prices," he added.

At the country level, we can still expect a few more months of rising prices because there's always a lag between global markets and our local grocery store. The other problem is high energy prices, which drive up transportation costs, but unless there's a climate shock in a big producer Laborde believes "we have seen the worst of it."