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<p>Increases in international food commodity prices have been driven by a range of
factors, including rising energy prices, increased demand, and trade disruption. Russia's
invasion of Ukraine has impacted the ability of Ukraine to produce and export key
agricultural commodities. This suggests that the main driver of the observed price
changes is due to Ukraine’s inability to export. Previous assessments by Government
economists have suggested there are good reasons to be sceptical that speculation
in futures markets has been a significant cause of food price spikes. The department
continues to monitor market developments closely alongside international partners
like the Agricultural Market Information System.</p>
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