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From Sweden and Norway to India and Indonesia, states are holding back increasing quantities of rice, wheat and other staples as insurance against a world they increasingly view as unstable.
The return of food stockpiling reflects a convergence of shocks: pandemic disruption, a general sense of global unease with the war in Ukraine and recent conflicts in Gaza, Venezuela and Iran, climate volatility and the renewed weaponisation of trade. It also exposes a deep faultline in global economic thinking, explains the FT’s commodities correspondent, Susannah Savage.
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Produced by Paolo Pascual.
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