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AMIS Urges Restraint on Food Export Restrictions
With the Russia-Ukraine conflict disrupting global supply chains, roiling markets and raising food and fuel prices, some governments have responded with restrictions on agricultural exports. While these policies may be domestically appealing, however, they have wider ramifications for global food prices and food security, according to the May AMIS Market Monitor. The report emphasizes that restrictive trade measures like export restrictions will further limit available food stocks, raise food and fuel prices even higher, and push poor populations into more acute food security.
FAO Food Price Index Hits All-Time High
In March, the FAO Food Price Index experienced another surge to reach the highest level since its 1990 inception. The Index rose by 12.6 percent from February, driven by all-time highs for vegetable oil, cereal, and meat prices.
Extraordinary Meeting of the AMIS Rapid Response Forum
As global food prices continue to rise and concerns grow over potential supply disruptions in the Black Sea region, policymakers and development practitioners are beginning to analyze the implications for global food markets and the potential for food crises. On March 5, 2022, the Agricultural Market Information System (AMIS) called an extraordinary meeting of the AMIS Rapid Response Forum.
FAO Food Price Index Hits Record High
The FAO Food Price Index hit a record high in February, exceeding the previous record of February 2011. The index rose 3.9 percent from January and 20.7 percent from February 2021. Vegetable oil, dairy, cereal, and meat price increases all contributed to the continued surge.
The Ukraine Conflict and Global Food Price Scares
The escalating tensions in the Black Sea region heaped fresh risks on global food markets already struggling with soaring prices, supply-chain disruptions, and a bumpy recovery from the pandemic. Before the Ukraine crisis, overall conditions in markets for staple foods looked reasonably favourable and seemed to augur for softening prices during 2022, even as sharply rising food prices in domestic markets in many developing countries continue to raise concerns about greater food insecurity. The escalation of the conflict is now putting markets into serious turmoil.