The wheat price index hit a new high in May, up by 56 percent year on year. S&P Global Ratings says rising food prices and diminishing supplies will likely last through 2024. What measures should countries take to safeguard food security? Professor John Gong, vice president of Research and Strategy at the University of International Business and Economics – Israel, said that companies in the West actually control a big portion of global food trade and should step up production.