Trade

During 2021 and 2022, global food and fertilizer prices spiked due to several overlapping factors. Demand rose as the world economy emerged from the COVID-19 recession; global supply chains suffered major disruptions associated with the uneven recovery; and the outbreak of war between Russia and Ukraine—both key food and fertilizer producers—generated yet another shock.

Every year, global food systems produce, process, transport, and market the food and agricultural products on which the world relies. However, these same global food systems also play a big role in—and face pressures from—climate impacts, environmental damage, food insecurity and malnutrition, public health problems, and food loss and waste. To tackle these challenges, we must urgently transform food systems. True food system transformation will have to go beyond the agricultural policy reforms enacted during the past 50 years.

This blog is based on finding from the IFPRI discussion paper, From farm to table: Agrifood systems and trade challenges in the Southern Cone.

Introduction

Six months after India introduced a set of export restrictions on rice with the aim of holding down domestic prices, global rice markets continue to feel the impact.

The FAO Food Price Index continued its decline in January, driven mainly by falling cereal and meat prices. The January 2024 Index was 10.4 percent below its January 2023 level.