Global food price inflation continues to rise, raising concerns about escalating food insecurity around the world. As many as 78.6 percent of high-income countries are significantly experiencing high food price inflation. Among the most affected, where inflation reaches double-digit rates, are African countries, Latin America, South Asia, Europe and Central Asia.
Agricultural indices show the recent rise in prices of basic crops such as corn, wheat and rice. Despite annual reductions for corn and wheat of 22 percent and 41 percent, their prices are still high. In contrast, rice prices are 14 percent higher compared to the previous year, according to the data World Bank.
There is a high probability of the development of an El Niño pattern affecting global agricultural production. This weather pattern could lead to average or even above-average rainfall in some regions, creating favorable conditions for soybean production but potentially damaging conditions for corn, rice and wheat yields.
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The 2023 Global Food Crises Report warns of an increase in acute food insecurity from 192.8 million people in 2021 to 257.8 million in 2022. Key causes include conflict, economic shocks and weather extremes, with food insecurity being the primary drivers.
Specifically, in Sudan, the World Food Program (WFP) reports that about 41 percent of the population, or 19 million people, struggle to find a daily meal, which is 15 million more than last year. The ongoing violence in Sudan is likely to further exacerbate regional food insecurity.
Meanwhile, the war in Eastern Europe prompted countries to implement food trade restrictions in an attempt to increase domestic supplies and control prices, exacerbating the global food crisis. As of mid-March 2023, 21 countries have introduced food export bans, while 10 countries have introduced measures to restrict food exports.
In response, the World Bank launched a comprehensive global action plan to address the crisis, allocating $30 billion to strengthen food and nutrition security, reduce risk, and strengthen food systems. Numerous projects have been launched, particularly in West Africa, Yemen, Tajikistan, Jordan, Bolivia, Chad, Ghana, Sierra Leone, Egypt, Tunisia and regions in East and Southern Africa.
Heads of key global institutions issued a joint statement in February 2023 calling for urgent action to prevent a worsening food and nutrition security crisis.
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Source: Energetski Portal by energetskiportal.rs.
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