The warning comes as Pakistan is already experiencing pressure on food prices, while a significant portion of the population continues to face food insecurity and hunger-like conditions. Higher fertiliser costs subsequently pushed up agricultural commodity prices, creating another source of pressure on food inflation. The SBP said developments in global commodity prices since the Monetary Policy Committee’s January meeting had resulted in a greater-than-expected deterioration in Pakistan’s terms of trade. The SBP said developments in global commodity markets had significant implications for inflation in both advanced and emerging economies. The central bank noted that global food inflation is measured through the food price index published monthly in the World Bank Commodity Price Data, commonly known as the Pink Sheet.