Food insecurity remains one of the most pressing global challenges. The COVID-19 pandemic and Russia’s invasion of Ukraine have made the food crisis significantly worse in recent years, threatening millions of people worldwide. Despite some promising trends, food inflation remains consistently high, and it depends on a volatile environmental and geopolitical context. The EU has devoted substantial resources to tackling the immediate effects of the crisis. However, in the long run, the key to food security will be sustainable agri-food systems.
Although global food prices fell for the 10th consecutive month in January 2023, food inflation remains consistently high in many countries, reaching 14.1 % in January in the euro area. This mismatch is the result of both a reduced price pass-through from global to consumer prices, and ongoing geopolitical uncertainty fuelling price instability despite some positive trends. Energy prices, which affect farmers and fertiliser producers, already started to decline in the second half of 2022. In addition to containing inflationary pressure on agri-food chains, lower energy prices might influence the use of fertilisers by farmers in 2023, with direct effects on future crop yields. The EU solidarity lanes and the Black Sea Grain initiative have continued to facilitate the safe export of Ukrainian foodstuffs to international markets. The initiative had allowed over 18 million tonnes of grain and foodstuffs to be exported as of January 2023 (of which over 50 % to developing countries) and the agreement is due for renewal in March, after the latest extension.
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#foodsecurity
00:00 Introduction
00:33 Food security
00:49 Food crisis around the World
01:08 Food prices in the EU
01:50 EU actions
02:29 Outlook
03:48 Read more
