The “giant leap” headline is from the FAO, which is not usually prone to hyperbole. But their global food price index rose over 12% in March, and the grain portion of the index rose 17% while the vegetable oil portion rose 23%. These are not the annual rates of increase in March, which would be high. They are increases during the month of March, on top of steady increases since about summer 2020. Looking back at the index historically, there were shocks of similar intensity in the 2005-2010 period. This one is already bigger and longer, and those earlier periods resulted in a lot of unrest and mass migration pressure.

A rational response would be to increase food and development aid to countries in the Middle East, Africa, and Latin America. An irrational response would be to do nothing and wait for the rise of racist and nationalist movements that love to capitalize on a mass migration crisis.