Adverse weather conditions, the Russian-Ukrainian conflict, and military actions in the Middle East could lead to a new wave of rising global food prices, according to Bloomberg.

According to the agency, Russia and Ukraine account for more than a quarter of global wheat trade, about two-thirds of sunflower oil exports, and a tenth of corn exports, but shipments via the Black Sea remain difficult.

The agency notes that the situation is exacerbated by extreme heat, drought, and wildfires in Europe, which could lead to the largest reduction in grain production in decades. In addition, the US-Israeli military operation against Iran has caused an increase in fuel and fertilizer prices.

Bloomberg also cites the El Niño climate phenomenon as another risk factor, which is characterized by an abnormal rise in surface water temperatures in the Pacific Ocean and could negatively affect the largest rice producers and exporters.