Global food prices remain high, food security remains uncertain this year (Epoch Times)
- Impact Area
In the new year, the impact of epidemics, wars, droughts, inflation, etc. will continue, and global food security will still face many variables, writes Epoch Times (China) in a report on food prices. According to David Laborde, a senior fellow at the International Food Policy Research Institute, 2022 was one of the worst years for global food security since 2007 for food-insecure populations. The relatively low level of wheat stocks held globally in 2023, due to the world’s failure to rebuild stocks of commodities such as wheat in 2022, means the world will be very sensitive to any new shocks, Laborde said.
Last year, the global food price index hit record highs after the outbreak of the Russia-Ukraine war, reaching a high of 173.5 in May. In the next seven months, although the index has fallen back, the value in December was still 1.5 times that of 2019. Food inflation is high; stocks of wheat, rice, and corn continue to decline; and the effects of severe weather and war linger. With these issues in mind, combatting food security will remain a challenge in 2023.