Top economist Paul Krugman says food inflation has mostly been caused by Russia

• Food inflation has mostly been brought on by Russia, top economist Paul Krugman said.
• Russia’s invasion of Ukraine has disrupted agriculture and raised fertilizer and natural gas prices.
• “We would definitely see some relief if Vladimir Putin called this invasion off,” Krugman added.

Soaring food prices have largely been driven by Russia’s invasion of Ukraine, not by anything that happened in the US, according to top economist Paul Krugman.

The Nobel laureate pointed to accelerating food prices over the past year, with the Food and Agriculture Organization’s Food Price Index rising to 123.9 in July. That’s 12% cheaper than what food prices were last year, but still well-above prices in the summer of 2020, when the index dipped below 100.