Food prices hit two-decade highs, threatening world poverty

IMF data shows that worldwide average food inflation hit 6.85% annually in December, the highest level since their streak began in 2014. From April 2020 to December In 2021, soybean prices are up 52%, corn and wheat are both up 80%, fund data shows, while coffee prices are up 70%, largely due to drought and frost in Brazil.

While food prices appear to be stable, events like conflict in Ukraine, a major wheat and corn producer, or further adverse weather could change that calculus, Mr. Bogmans said.

The effects of rising food prices have been felt unevenly around the world. Asia is largely unaffected because of an abundant rice crop. But regions of Africa, the Middle East and Latin America that are more dependent on imported food are struggling.

Bogmans said countries like Russia, Brazil, Turkey and Argentina also suffered as their currencies depreciated against the dollar, which is used internationally to pay for most food items. Products.

In Africa, pandemic restrictions and conflicts in the Democratic Republic of the Congo, Ethiopia, Nigeria, South Sudan and Sudan have disrupted transport routes and pushed up food prices, while bad weather and Poor economic management also causes a lot of damage.

Joseph Siegle, research director of the National Defense University’s Center for African Strategic Studies, estimates that 106 million people on the continent are facing food insecurity, twice as much as food insecurity. numbers since 2018.

“Africa is facing record levels of insecurity.

The overall impact has been less severe in the United States, where food accounts for less than one seventh average household spending, and inflation has become widespread, spilling over into energy, used cars, dishwashers, services, and rent as prices rise. 40-year high. Food prices hit two-decade highs, threatening world poverty

Fry Electronics Team

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