The decrease in prices reflects weak demand as farmers cut back fertilizer applications because of the high cost fertilizer affordability is at its lowest since 2008/09. However, there are concerns about the threat of further disruptions to Black Sea trade if the initiative is not renewed.įertilizer prices fell in the third quarter of 2022 but remain at historically high levels. Although shipments are still about 40% to 50% below pre-war levels, the initiative has helped reduce food prices. As of October 21, 2022, 20 countries have implemented 25 food export bans, and eight have implemented 12 export-limiting measures.Ī United Nations Conference on Trade and Development report on the Black Sea Grain Initiative indicates a rise in ship departures since the signing of the Initiative on July 22, 2022. The global food crisis has been partially made worse by the growing number of food trade restrictions put in place by countries with a goal of increasing domestic supply and reducing prices. Maize and wheat prices are 33% and 27% higher, respectively, than in January 2021, and rice prices are 13% lower. (See “ pink sheet” data for agricultural commodity and food commodity prices indices, updated monthly.)įollowing the start of the war in Ukraine, trade-related policies imposed by countries have surged. Maize and rice prices remained relatively stable, closing 1 percent point lower than two weeks ago, although they are 28% and 10% higher, respectively, than in October 2021. After posting an increase two weeks earlier, wheat prices declined by 8%, driving the decline in the cereal price index, although they are 17% higher than in October 2021. The agricultural, cereal, and export price indices declined in the last two weeks by 4%, 3%, and 10%, respectively.
The share of high-income countries with high food price inflation has risen to 87.5%.ĭownload the latest brief on rising food insecurity and World Bank responses Information between June to September 2022 shows high inflation in almost all low-income and middle-income countries 84.2% of low-income countries, 88.9% of lower-middle-income countries, and 93% of upper-middle-income countries have seen inflation levels above 5%, with many experiencing double-digit inflation. Domestic food price inflation remains high around the world.
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