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After declining in June and July, the FAO Food Price Index rose quickly again in August and reached 32.9 percent higher than August 2020 levels. The increase was driven by rising cereal and vegetable oil prices, as well as by rises in sugar prices.
The world continues to face the challenge of ending hunger and malnutrition (undernutrition and obesity) in all its forms. The progress made towards reducing hunger in the last two decades has been reversed, especially due to economic slowdown and geographic closures caused by the COVID-19 pandemic during which food security, nutrition, poverty reduction and agricultural productivity—all have suffered.
This post originally appeared on IFPRI.org, by Swati Malhotra and Rob Vos.
Global hunger has been on the rise since 2014, and the world is not on track to achieve the goal of Zero Hunger (SDG2). If current trends continue without concerted and collaborative actions to tackle the challenge, 840 million people will come under the grip of hunger by 2030. The COVID-19 pandemic has worsened the situation, especially in low- and middle-income countries, where compounding effects—conflict, economic downturns and shocks, and climate variability—are causing distress.
Food security is expected to further deteriorate in 23 countries already facing food crises, according to a new report from FAO and WFP. These worsening conditions come as countries and regions are reeling from the effects of the COVID-19 pandemic and struggling to address conflict, climate change, and economic downturn.
Ten years after the launch of AMIS and the Food Security Portal’s Excessive Price Variability Early Warning System, managing and reducing food price volatility remains a clear priority for global food security.
As reported earlier this month, global wheat prices declined slightly in June after 12 straight months of increases. The recent decline was based on favorable production prospects in several major producing regions, including Europe, India, and the Black Sea region. Wheat futures prices followed suit, dropping by 6 percent in June.