U.S., global banks announce plan to moderate worldwide food security crisis

Janet Yellen.
(Image credit: Valeria Mongelli/Bloomberg via Getty Images)

The U.S. Treasury Department along with several global development banks and other groups on Wednesday announced a multi-billion dollar plan to hopefully blunt a worldwide food security crisis "worsened by Russia's war in Ukraine," The Associated Press reports.

"The economic outlook globally is challenging and uncertain," U.S. Treasury Secretary Janet Yellen said Wednesday. "And higher food and energy prices are having stagflationary effects, namely depressing output and spending and raising inflation all around the world." Considering Russia and Ukraine produce a third of the global wheat supply, the conflict has sent food prices soaring.

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