Food Price Index Declined in August, While Rice Prices Spiked
The FAO Food Price Index fell by around 2 percent in August, driven by declines in cereal, vegetable oil, dairy, and meat indices. This decline placed the Index 24 percent below the peak seen in March 2022. The major exception was rice prices, which saw a significant increase in August.
Rising Vegetable Oil Prices Drive Up FAO Food Price Index
While the FAO Food Price Index saw a minor increase in July, it remains 16 percent below its July 2022 levels. Rising vegetable oil prices drove the month-to-month increase.
Food Security Trends and Resilience-Building Priorities
The new CGIAR series on Strengthening Food Systems Resilience kicks off with a seminar examining food security trends and the impacts of recent shocks to food systems. Speakers will highlight the need for renewed efforts to strengthen food systems resilience and identify priority investments and actions.
Johan Swinnen, Director General IFPRI; CGIAR Managing Director Systems Transformation Science Group: Overview of Food Security Trends and Impacts of Past Crises
End of the Black Sea Grain Initiative: Implications for sub-Saharan Africa
Russia’s July 17 withdrawal from the Black Sea Grain Initiative (BSGI), has sparked fears of reduced exports of wheat and other key commodities to developing countries, along with other market disruptions.
India’s new ban on rice exports: Potential threats to global supply, prices, and food security
On July 20, India announced that it would restrict exports of non-basmati rice to calm domestic rice prices that had risen more than 30% since October 2022 (Figure 1). The ban would halt overseas sales of the grain with “immediate effect,” the government announced, and is estimated to cover about 75%-80% of Indian rice exports.
Lessons from the Ukraine Crisis: New Ebook Released
With the world already reeling from the high food prices and other economic impacts of the COVID-19 pandemic, the outbreak of conflict in Ukraine in February 2022 again raised the specter of a major global food security crisis. Since that time, analysis of the extant and potential future impacts of the conflict on food and fuel prices, trade, food security, and poverty has been a primary focus for policymakers, researchers, and development professionals around the world.
Russia terminates the Black Sea Grain Initiative: What’s next for Ukraine and the world?
On July 17, Russia announced that it was terminating participation in the Black Sea Grain Initiative, which allowed exports of grains and other agricultural products from Ukrainian ports.
FAO Food Price Index Continues Decline, But Concerns over Black Sea Grain Initiative Remain
Commodity prices continued to fall in June, according to the FAO Food Price Index, which declined 1.4 percent from its May level. This reflects at 23.4 percent drop from June 2022.
Increased tensions in Ukraine again threaten the Black Sea Grain Initiative
On June 6, the Nova Kakhovka dam in southern Ukraine, located about 70 km upstream of Kherson, a port city on the Dnipro River, collapsed, sending an uncontrollable flow of water from its reservoir downstream. Futures markets reacting to the news sent wheat futures up almost 3 percent before falling back later that day.
Central America and Caribbean Facing Rising Food Insecurity
IPC Phase 2 through 4 (Stressed through Emergency) food insecurity is expected to continue in Central America and the Caribbean through September, according to an alert from FEWS Net.