Food Price Inflation

The Globe and Mail reported yesterday that inflation has slowed but food prices are still rising. This is true for many parts of the world. Here’s a round up of recent stories about food price inflation.

‘Flying with one engine’: Why global food supplies are at risk

The International Food Policy Research Institute reports analysis from the Financial Times. Although global fertilizer and crop prices have fallen sharply since their peaks last year, agriculture specialists and analysts have warned that the world’s food supplies are still under threat. Even prior to Russia’s invasion of Ukraine, global food stocks were low due to extreme weather events and pandemic-related hoarding by governments and businesses.

“Because of the low global stock situation, prices will remain volatile and could head sharply higher if a drought or significant weather event emerges this spring,” said Joseph Glauber, a senior research fellow at the International Food Policy Research Institute. “Food inflation as measured by the food consumer price index remains in double digits in most areas of the world. I expect food CPI (Consumer Price Index) to decline as overall inflation abates, but it will come down slowly,” said Glauber.

See also: Global economy 2023: why there will still be plenty of pressure on food prices in the year ahead

The implications of continued food price hikes could be devastating for poor people and those in developing countries. See: Further food price rises could cause up to one million additional deaths in 2023