The sector’s short-term outlook is conditioned by uncertainties stemming from the war in Ukraine, inflationary pressures and weather conditions (drought). However, more recent developments (agreements to release some of the grain currently retained in the Black Sea and good harvests in other producing countries) have reduced the risks of a global food crisis and should help to curb pressures on retail food prices. On the other hand, the latest surge in energy prices, especially gas, will act as a counterweight.