Rolling coverage of the latest economic and financial news
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A jump in the wheat price is adding to concern that the conflict in the Middle East will fuel food inflation this year.
Global fertiliser prices have surged during critical planting periods.
Fuel prices rose as much as 150% within days in some markets, driving up transport and water costs.
Commercial shipping through the Strait of Hormuz fell by more than 90%, constraining agricultural supply chains.
In Somalia, fuel spikes have doubled the cost of water in drought-affected areas.
Humanitarian shipments to Sudan are being rerouted via the Cape of Good Hope, adding roughly 6,000 miles and up to three weeks to transit times.
The World Food Programme estimates 45 million additional people could be pushed into acute hunger globally.
10am BST: Eurozone trade data for February
1.30pm BST: IMF: Europe Department press briefing
6pm BST: Baker Hughes count of US oil rigs
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