World wheat prices are at an all-time high after surpassing levels seen during the global food crisis in 2008. Breaking records and global food prices, Bloomberg reported.

The world is facing a huge shortage of grain supply as the war effectively halted more than a quarter of the world's wheat exports. Against this background, prices for it fluctuate at a record high level.

Thus, Chicago futures fell to $12.02 ($277.9 per 1 ton) per bushel ($277.9) after rising to $13.63 ($315.1 per 1 ton), which is the highest figure ever trades.

Trade in corn is approaching the highest level since 2012, while soybean and palm oil have reached record levels.

Global food prices are already at record levels, and the rise in grain and oil prices since the Russian invasion will only push them higher, pushing more people into hunger and increasing government spending on food subsidies. The price spike sparked concerns about food security and brought back memories of a decade-old situation when price spikes led to food riots in more than 30 countries.