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Global Food Prices Reach 10-Year High Amid COVID-19 Pandemic
The ongoing COVID-19 pandemic has resulted in a massive disruption in global food supply chains, causing food prices to rise to a ten-year high. According to a report from the United Nations’ Food and Agriculture Organization (FAO), global food prices increased for the seventh consecutive month in December 2020, with prices averaging 6.4% higher than in the previous year.
The FAO’s food price index, which tracks the prices of five major commodity groups – cereals, oilseeds, dairy products, meat, and sugar – rose to 107.5 points in December 2020, up from 105.2 in November. Cereal prices rose 1.1% during the month, with wheat and maize prices driving the increase. Vegetable oil prices surged 4.7%, with palm oil prices hitting an eight-year high due to supply chain disruptions caused by COVID-19.
The increase in food prices has been mainly driven by disruptions in global supply chains caused by the COVID-19 pandemic. Travel restrictions, quarantines, and trade disruptions have made it difficult for farmers to access markets and for buyers to transport their products to consumers. Additionally, the pandemic has caused a decrease in global agricultural productivity, with many farmers having difficulties accessing inputs such as seeds and fertilizers.
The COVID-19 pandemic has also resulted in increased food insecurity, with many people in low-income countries unable to afford food due to rising prices. According to the FAO, over 690 million people worldwide suffer from hunger, with the pandemic expected to increase that number further.
Governments and international organizations are now calling for increased investment in agriculture to mitigate the impact of COVID-19 on food security. The FAO has called for increased support for smallholder farmers and for investment in innovation, research and development, and infrastructure to improve agricultural productivity and enhance global food security.
The rise in global food prices is a reminder of the fragility of our global food systems and the urgent need for investments and policies that promote sustainable agriculture. The COVID-19 pandemic has highlighted the importance of resilience in our food systems and the need for action to ensure that everyone has access to safe, nutritious, and affordable food.