Battling Rising Food Prices Across the Globe

Agriculture is crucial to economic growth: in 2018, it accounted for 4% of global gross domestic product (GDP) and in some least developing countries, it can account for more than 25% of GDP.

But agriculture-driven growth, poverty reduction, and food security are at risk: Multiple shocks – from COVID-19 related disruptions to extreme weather, pests and conflicts – are impacting food systems, resulting in higher food prices and growing hunger. Read more

Many countries are facing growing levels of food insecurity, reversing years of development gains, and threatening the achievement of Sustainable Development Goals by 2030. Even before COVID-19 reduced incomes and disrupted supply chains, chronic and acute hunger were on the rise due to various factors, including conflict, socio-economic conditions, natural hazards, climate change and pests. The impact of the war in Ukraine adds risk to global food security, with food prices likely to remain high for the foreseeable future and expected to push millions of additional people into acute food insecurity. Read more

While the outlook for global food supplies remains favorable, food prices increased sharply due to elevated input prices which, combined with high transport costs and trade disruptions due to the war in Ukraine, are raising import bills. That hits poor and developing countries hardest, as they depend on food imports the most. Read more