"This is one of the legacies of Covid," Tay said. "Nations are realizing that whether it's trade shocks or agricultural supply shocks, they need to be prepared to ride out these disruptions. They have actually learned from the last three years to pile up formidable stockpiles."
"But I think further out, we are on the lookout for El Niño weather patterns," Tay said. "And when that happens, as predicted in the second half of this year, there might be some more widespread disruptions to agricultural supplies."
Low-income households will be undoubtedly the ones hardest hit, whether or not they are in developed or developing countries, said Paul Hughes, S&P Global's chief agricultural economist and director of research.
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