Lower bank profitability due to competition might imply that bank activities are being conducted more efficiently (assuming the central bank services were priced appropriately). But there could be adverse consequences for financial stability if less profitable banks become less resilient to shocks, or if they look to replace lost profitability by searching for higher yielding (more risky) assets.
Second, the drought conditions, possibly induced by climate change, in some countries like Australia and Ukraine, may provide some explanation for price increases. It is also likely that dwindling stock levels observed in several countries could have exacerbated the scarcity conditions.