The principal driver of global food price inflation, particularly for wheat and other cereals, has been the fighting in Ukraine, the report said, adding that export restrictions in several countries have compounded global food price increases, although a few of these restrictions have recently lapsed.

Because energy and food are essential goods with few substitutes, higher prices there are particularly painful for households, the IMF said, the current situation poses a threat to economic and social stability.

According to the IMF, the COVID-19 pandemic has just subsided and remains a potential risk while rising food and energy prices represent new risks. The IMF emphasized that these risks could be allayed by easing logistic hurdles brought about by the Ukraine crisis.