The Russian economy has been growing wheat in tons and tons and has been exporting a decent part of it to the rest of the world. That in turn helped the world to keep getting the key food grain at economic price levels. But the drought and forest fire in Russia in the last few weeks has forced the country to stop all future exports till further notice.
And there are reports of drought and flood in parts of Brazil and US and parts of Asian continent. All these does not augur well for the food prices in the coming months. The global economy has been slowly limping back to normalcy, especially in the developing and under-developed world in the last one year. That only means that there will be more demand surge for food items as people would like to first fulfill their food needs.
That in turn would put lot of upward pressure on food prices across the globe, so it would be reasonable to expect food inflation to haunt the entire globe once again. The price impact could last for six to twelve months, depending on the recovery in food production and monsoon behavior. Already there is a global shortage on pulses and cooking oil items for the last two years.