Food inflation across rich nations has dropped to its lowest level since before Russia’s full-scale invasion of Ukraine, with a slowdown in price growth easing pressure on millions of households hit by the two-year surge in food costs.

The annual change in consumer food prices across 38 industrialised countries eased to 5.3 per cent in February, down from 6.2 per cent in the previous month and well below a peak of 16.2 per cent in November 2022, according to the latest OECD data.

Food prices surged in 2022 due to rising energy costs and lower trade caused by the war in Ukraine, while larger than expected droughts and Covid-related supply chain disruptions also took a toll. Higher prices contributed to a record 333mn people experiencing acute food insecurity in 2023, according to the World Food Programme.