How do food and fertilizer price spikes and volatility impact Central America and the Caribbean?

Recurring spikes and high volatility in international food and fertilizer prices (Figure 1) have triggered economic impacts around the world over the past two decades. These major shocks include the global food price crises of 2007-2008 and 2010-2011, the market disruptions of the COVID-19 pandemic, and the Russia-Ukraine war. In the months after Russia’s February 2022 invasion, real global food prices reached the highest levels on record in more than six decades, while key global fertilizer prices more than doubled over those of the previous year.