- Several nations have started limiting food exports to secure internal supply and reduce inflation.
- Countries halting food exports include Turkey (butter, beef, lamb), Ukraine (wheat, oats), Russia (sugar, grains) and Indonesia (supplies 50% of global palm oil).
- Fears are growing that export restrictions will spark a vicious cycle that pushes global inflation higher.
- While the World Trade Organization condemns protectionist policies, member nations are allowed to temporarily impose restrictions during periods of uncertainty.
