This landmark declaration aims to address global emissions and safeguard the lives and livelihoods of farmers, with a focus on mitigating climate change impacts on vulnerable communities. On December 1, 2023, the COP28 Presidency announced that 134 world leaders endorsed the COP28 UAE Declaration on Sustainable Agriculture, Resilient Food Systems, and Climate Action. Sugar and rice prices were the two notable exceptions, having risen by double digits in recent months because of the effects of El Niño on production, trade restrictions, and producer country stockpiling over fears of an impending shortage. Cereals, vegetable oils, meat, and dairy products drove this decrease in most markets. Although lower prices pose challenges for grain and oilseed farmers, lower fuel and fertilizer costs are expected to offset some of the impact.Īccording to the UN Food and Agriculture Organization (FAO) food price index, global agricultural food commodity prices in October 2023 were nearly 25% lower than at their peak in April 2022 because of strong harvests in major food-producing countries, a decrease in shipping costs, and more-affordable energy and fertilizer prices. Despite a slowing global economy, demand for agricultural products is anticipated to reach record levels in the 2023/24 marketing season. The December 2023 edition of the Agricultural Market Information System (AMIS) Market Monitor highlights that volatility in commodity markets is decreasing as the year concludes, with most grain and oilseed prices 15% to 20% lower than in January 2022, excluding rice, although even rice prices have declined because of improvements in global production prospects. (See “ pink sheet” data for agricultural commodity and food commodity prices indices, updated monthly.) Maize prices are 6% lower than in January 2021, wheat prices are 4% lower, and rice prices are 19% higher. On a year-on-year basis, maize and wheat prices are 28% and 25% lower, respectively, while rice prices are 36% higher. Maize and wheat prices increased 8% and 14%, respectively, since the last update, driving the increase in the cereal price index, and rice prices increased by 1%. Since the last update two weeks ago, the agriculture, cereal, and export price indices closed 2%, 6%, and 1% higher, respectively. In real terms, food price inflation exceeded overall inflation in 74% of the 167 countries where data is available.ĭownload the latest brief on rising food insecurity and World Bank responses The most-affected countries are in Africa, North America, Latin America, South Asia, Europe, and Central Asia. Inflation higher than 5% is experienced in 61.9% of low-income countries (no change since the last update two weeks ago), 76.1% of lower-middle-income countries (3.9-percentage-point decrease), 50% of upper-middle-income countries (no change), and 57.4% of high-income countries (2.6-percentage-point decrease). Domestic food price inflation remains high.
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