Food Sufficiency and security requires a holistic approach and involves actions targeting enhancing access to high-quality inputs and mechanisation services, effective delivery of knowledge and advisory services, and structured market efficiency.
Domestic food price inflation remains high in many low- and middle-income countries. Inflation higher than 5% is experienced in 77.3% of low-income countries (18.2 percentage points higher since the last Update on June 27, 2024), 54.3% of lower-middle-income countries (8.7 percentage points lower), 44% of upper-middle-income countries (8.0 percentage points higher), and 10.7% of high-income countries (0.2 percentage points lower).
In real terms, food price inflation exceeded overall inflation in 55.6% of the 167 countries.
Since June 27th 2024 , the agricultural and export price indices closed 1 and 2 percent higher, respectively; the cereal index was unchanged. Maize and rice prices closed 3 percent and 4 percent lower, respectively, and wheat closed 8 percent higher. On a year-on-year basis, maize prices are 17 percent lower, wheat prices 4 percent lower, and rice prices 3 percent lower.
Maize prices are 7 percent higher than in January 2020, wheat prices 3 percent higher, and rice prices 41 percent higher (See “pink sheet” data for agricultural commodity and food commodity prices indices, updated monthly.)
The Global Report on Food Crises 2024 Mid-Year Update highlights alarming trends in acute food insecurity and malnutrition, following high levels in 2023.
The number of people projected to be in Catastrophy (Integrated Food Security Phase Classification (IPC) Phase 5) has surged, increasing from 705,000 in 2023 to 1.9 million in 2024.
The State of Food Insecurity and Nutrition in the World 2024 report reveals significant challenges in achieving Sustainable Development Goal (SDG) 2—Zero Hunger. Despite some progress in some regions, global undernourishment remains alarmingly persistent, with an estimated 713 million to 757 million people affected in 2023.
With the end of the year approaching, 2024 is likely to be one of the warmest years on record, the Agricultural Market Information System (AMIS) Market Monitor for September 2024 highlights significant impacts on global commodity markets.
Recent weather patterns have had mixed effects on agricultural production forecasts: maize output is projected to decrease because of heat affecting the European Union, Mexico, and Ukraine, whereas soybean production is expected to rise thanks to favorable conditions in the United States.
Following Russia’s invasion of Ukraine, trade-related policies imposed by countries have surged. The global food crisis has been partially made worse by the growing number of food and fertilizer trade restrictions put in place by countries with a goal of increasing domestic supply and reducing prices. As of September 2024, 16 countries have implemented 22 food export bans, and 8 have implemented 15 export-limiting measures.
In May 2022, the World Bank Group and the G7 Presidency co-convened the Global Alliance for Food Security, which aims to catalyze an immediate and concerted response to the unfolding global hunger crisis.
The Alliance has developed the publicly accessible Global Food and Nutrition Security Dashboard, which provides timely information for global and local decision-makers to help improve coordination of the policy and financial response to the food crisis.
For instance,West African Countries :Especially Ghana, to become Food Sufficient with Construct Modernized Food Banks potentially Depends the Willingness and commitment of the Administration and Professional Executive Authorities in Change to depreciate the rate of Food Crisis and inflation of the Country: Experts Expantiated.
Kindly,Subscribe with your Valid Email Address and receive Relevant Notifications from Xquisittrends.com to your active Devices with Professionalism.
Thankyou for the Scheduled Quality Ample Time.
