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Despite improved global market conditions, high food price inflation persists
Since peaking in April 2022, global agricultural food commodity prices have declined by almost 25% as of October 2023, according to the UN Food and Agriculture Organization’s (FAO) food price index (Figure 1). Contributing to the decrease were strong harvests in large food producing countries, steep declines in shipping costs, and more affordable energy and fertilizer prices (Figure 2).
How India's Rice Export Bans Could Impact Regional Trade
The BIMSTEC - Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation – country group consists of Bangladesh, Bhutan, India, Nepal, Sri Lanka, Myanmar, and Thailand. Together, these countries are home to more than 712 food-insecure people, and the prevalence of food insecurity has increased in the majority of the region since 2014. Given this food security situation, India’s recent export ban of non-basmati white rice and export duty on parboiled rice raise significant concerns for the region.
Food Security and Incomes in Guatemala During Food Crises
Since early 2020, Guatemala has faced a multitude of food security shocks: from the outbreak of the COVID-19 pandemic and resulting restrictions on movement and disruptions to agricultural trade to widespread flooding following several major tropical storms to skyrocketing staple food prices. A new article in World Development examines the immediate and longer term impact of these shocks on households’ incomes, diets, food security, and migration decisions, particularly in rural areas.
Strengthening Food Security Through Global Trade
With one in six people around the world almost entirely dependent on international trade to meet their food needs, agricultural trade can clearly play a pivotal role in both addressing and exacerbating food security challenges. While progress has been made to bring attention to food security needs in trade negotiations in recent years, harmful policies like temporary food export restrictions are still a common reaction to price spikes, market disruptions, and production shortfalls – shocks that are likely to become increasingly frequent due to climate change and ongoing conflicts.
How Much Is Lost When Disaster Strikes? New FAO Report Looks at Impact on Agricultural Production, Food Security
Nearly US$ 4 trillion: That is the amount of global crop and livestock production the FAO estimates has been lost over the past three decades due to disaster events. According to the new report, “The impact of disasters on agriculture and food security,” this equates to an average loss of US$123 billion per year and as much as 5 percent of annual global agricultural GDP.