It said that in response, the WFP was activating a global emergency to prevent famine and death.
The UN agency said it was aiming to support a record 151.6 million people in 2022, up from 128 million reached in 2021, itself a record.
Its global funding forecast would provide less than half the annual operational requirement of $22.2 billion, it said.
"WFP is facing a triple jeopardy: operational costs are going up, the numbers of the acutely hungry are rising to unprecedented levels, and yet funding for humanitarian operations is dwindling," it said.
A shortage of exports from the major grain producers of Russia and Ukraine was driving prices up, while the war has also disrupted agricultural production in Ukraine.
The WFP pointed to Russia's role as a major fertilizer producer and energy supplier. And it noted that certain food-producing countries were limiting or banning exports in order to stabilize domestic prices.
