Severe global food price crisis is looming within 6 to 12 months, UN body says - National | Globalnews.ca
By: By Adriana Fallico - Canada's Global News
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Severe global food price crisis is looming within 6 to 12 months, UN body says
The UN's Food and Agriculture Organization (FAO) is warning that due to the Strait of Hormuz closure, a severe global food price crisis is looming within six to 12 months unless governments act quickly.
The warning was made in a podcast hosted by the organization that focused on the current chokehold on global energy and how fertilizer supplies are expanding through agrifood systems worldwide.
"After three months, as expected, we start to see food prices increase a bit […] and we are going to see this trend continuing, and with a few months of delay, we will start to see food price inflation start to kick in," said FAO director of the agrifood economics and policy division David Laborde. Story continues below advertisement "The solution we discuss [in the] short run, medium run and long run is important really to not have to deal with a severe food price crisis in six months or one year from now," he said. More on World More videos
FAO chief economist Maximo Torero also said in the podcast that governments need to "start seriously thinking about how to increase the absorption capacity of countries, how to increase their resilience to this choke, so that we start to minimize the potential impacts."
The FAO Food Price Index, which tracks monthly changes in international food commodity prices, rose for a third consecutive month in April, driven by high energy costs and disruptions linked to the Middle East conflict.
The agency said the shock will unfold in stages; first with energy, then fertilizer, seeds, lower yields, commodity prices and finally food inflation reaching shoppers.
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Farmers are cutting down on how much they are planting now because of the shortage of fertilizer, and using their powered equipment because of the increased cost of fuel. They will also be unable to deal with drought without the energy to water their crops. It's going to cost more to eat.
Its not so much a "shortage " of fertilizer here , than it is the cost , and there are a number of unthought of costs most dont realize .
Likely only see any concern if and when it affects the supply chain , any hiccups or breakdowns or failures or shortages will be a sign .
One thing that something we havent seen in a long time , austerity measures and rationing by the governments could be implemented, but by then it will be too late for some .
One way or another, one reason or another, that inflation that is bound to happen is going to make life a lot more difficult for a lot of people. We don't have to read anyone's lips to know that.