FAO economist: food prices spiked after 2020 shocks, hitting poorest countries hardest

Maximo Torreiro, chief economist at the Food and Agriculture Organization, said a ‘‘perfect storm’’ of the COVID-19 pandemic, the war in Ukraine and climate shocks drove global food prices sharply higher, with food inflation peaking at 13.6% in January 2023 and some low-income countries experiencing rises of up to about 30%.

At a United Nations press briefing, Torreiro said the combination of large fiscal stimulus during the pandemic, disruptions to exports and inputs from the war in Ukraine, and more frequent droughts, floods and heat waves in major producing regions exposed fragility in global agricultural systems. “The episodes described in this publication … illustrate how fragile global agri-food systems remain in the face of component disruptions,” he said.

The FAO economist said households responded to rising prices and falling real wages by shifting to cheaper, less nutritious foods, reducing meal frequency and prioritizing food for some members of the…