A new rapid assessment tool for food security risks posed by global price shocks
- Impact Area
International food commodity prices have experienced a series of shocks over the past decade. The prices of rice, maize, and wheat spiked in 2007-08 as a result of supply shocks, demand for biofuels, and export trade restrictions. Commodity prices increased again in 2010-11. And most recently, global supply chain disruptions in the aftermath of the COVID-19 pandemic and Russia’s invasion of Ukraine sent international food and fertilizer prices soaring, though they have moderated somewhat after peaking in mid-2022. These commodity price spikes have adversely affected food security in many countries, but the sharpest impact is on low-income countries that depend heavily on imported food.
National policymakers and international development organizations need better information on the vulnerability of each country to different types of economic shocks. Such information can facilitate the design of programs and policies to prepare for and respond to these international food price shocks. To address this need, IFPRI’s Food Security Portal has launched its new dashboard for rapid assessment of Vulnerability to Global Food Price Shocks.