Food prices surged 18% globally last year, including a 21% rise in the cost of grain, the World Trade Organization (WTO) estimated in its Global Trade Outlook published on Wednesday. However, consumer prices in supermarkets have more than doubled.
According to the trade body, fertilizer prices saw an even larger increase of 63% year-on-year. The WTO noted that, in theory, higher food costs should encourage more agricultural production, resulting in greater availability and lower prices for food in the future.
But WTO warned that move expensive fertilizers could lead to reduced crop yields and, ultimately, new price spikes.
The organization also noted that food prices fluctuated strongly in 2022, first jumping 19% between January and May, following the start of Russia’s military operation in Ukraine, and then dropping 15% between May and December, 2022.
According to its calculations, the volume of world wheat trade, for instance, fell by roughly 7.5% since 2021, which leaves little margin for error if a major producer suffers a crop failure or climate-related natural disaster.
WTO Director-General Ngozi Okonjo-Iweala on Wednesday called on developed economies to be vigilant to signs of the food crisis triggering hunger in poorer nations.
She reiterated her earlier calls for lifting export restrictions on food and fertilizers, noting that as of April 2023, some 67 countries have such curbs.
She also warned that global trade is likely to remain under pressure from external factors in 2023. According to her, these include the NATO crisis in Ukraine and other geopolitical tensions, inflation, and the impact of tightening monetary policy.
This makes it even more important for governments to avoid trade fragmentation and refrain from introducing obstacles to trade. Investing in multilateral cooperation on trade would bolster economic growth and people’s living standards over the long term.
RT. com / ABC Flash Point WW III Consumer News 2023.
I “predicted ” the same day the US /EU/UK made it impossible to transport Russian grain etc and use the western banking system to receive payment.
But you know who owns the WTO ?? –anything but admit its —THEIR FAULT !
They do that as they want to avoid the criticism of causing death by starvation of African countries as grain meant for Africa went to the EU and Poland –who is sinking in grain ,so much so that Polish farmers are screaming in anger as grain prices drop there.
Pattern and alignments?
Peter Koenig 2022 November 29:
“Energy Crisis? Food crisis? Industrial collapse? Supply chains disruptions? Fractured Communications? Cyber-attacks? Black-outs? Hyper-inflation? Climate change? Wars, civil conflicts, and more plandemics, culminating in human misery… ” ???
Yes. And it’s ALL MANUFACTURED.
So stayed tuned.
Much worse and many more crises to come..
Highly recommended read: “Archbishop Carlo Maria Viganò: The COVID Pandemic Farce Served as a Trial Balloon for the New World Order” (2023 April 9) —– “Our battle is not against creatures made of flesh and blood, but against the Principalities and Powers, against the rulers of this world of darkness, against the spirits of evil that dwell in the heavenly places (Eph 6:12).” On the one hand, there is the City of God – the one Saint Augustine writes about – and on the other hand there is the city of the devil. We can say that in this era… Read more »
The one that creates is always able to predict?