Inflation Threatens Food Security

written by 10116 Woo Se Yeon

These days, food costs are higher than they have ever been. 

According to the Food and Agriculture Organization, international food prices have risen 75% since 2020.

What Is Causing Food Inflation?

One reason is the supply chain disruption due to the pandemic. 

During the COVID-19 lockdowns, food manufacturers in many countries were not able to produce enough food. Because of this, the number of people suffering from food insecurity has doubled after the pandemic.

Another reason is the Russo-Ukrainian War, which has made the situation worse. 

Ukrainian wheat production in 2022 decreased by more than a third from the year before. Since Ukraine is one of the major exporters of wheat, this has affected the whole world, causing the price of wheat to skyrocket.

The final reason is global climate change. 

Because of climate change, natural disasters such as droughts and floods are happening more frequently. Climate change is also negatively impacting biodiversity. 

An example is the decline of the bee population. This will not only affect the honey industry but also damage fruit and vegetable farms that rely on bee pollination.

Global food scarcity has contributed to the rise in food prices. This in turn has led to global food insecurity because people cannot afford the exorbitant costs. 

For example, the number of those suffering from hunger in West Africa has quadrupled since 2019.

How Can We Fix This?

We need to not only support people experiencing food insecurity, the International Food Policy Research Institute (IFPRI) suggested that countries affected by food scarcity need to allocate 10% of their national budgets to agriculture. 

The extra support for agriculture would increase food production, stabilize prices and decrease food scarcity.

Countries must also work together to solve this problem and stop banning exports. 

According to the IFPRI, getting rid of export bans could reduce food prices by 30%. Export bans might be helpful in the short run, allowing countries to secure their food supply. 

However, in the long run, it will decrease the products available on the international market and may result in that country being isolated.

Stabilizing food inflation may be a key step in solving food insecurity. For this to happen, each country in the international market must start cooperating instead of banning exports.