US Treasury Secretary: The world is facing a food crisis

US Treasury Secretary Janet Yellen acknowledged that Russia's invasion of Ukraine has exacerbated food security issues around the world, saying the world is facing a food crisis.

"The impact of the war goes beyond Ukraine, which we are looking at with great concern ... and I am afraid that we are already facing a global crisis," Yellen was quoted by Bloomberg news agency as saying Monday in Warsaw.

Wheat prices jumped on Monday to near record levels after India moved to impose export controls, reflecting tight global supplies as the conflict in Ukraine continues.

And the agriculture ministers of the Group of Seven major countries criticized the Indian move, and stressed that it was exacerbating the crisis around the world.

It should be noted that Yellen is in Europe for the G7 Finance Ministers and Central Bank Governors meeting, which will be hosted by Germany later this week.

Yellen said officials plan to issue an action plan to deal with the food insecurity crisis.

She explained that it will include ways to provide large and rapid support.

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