1113. Recent Global Food Security Situation

According to the recently updated World Bank Food Security Blog, domestic food price inflation remains high in many low- and middle-income countries. Inflation above 5% has occurred in 77.3% of low-income countries (up 18.2 percentage points from the previous update on June 27, 2024), 54.3% of low- and middle-income countries (down 8.7 points), 44% of upper-middle-income countries (up 8.0 points), and 10.7% of high-income countries (down 0.2 points). In real terms, food price inflation is higher than overall inflation in 55.6% of the 167 countries for which data is available.

As the end of the year approaches, 2024 is likely to be one of the hottest years on record, with a significant impact on commodity crop markets. Recent weather patterns have affected agricultural production forecasts, with corn production projected to decline due to extreme heat in the European Union, Mexico and Ukraine, while soybean production is expected to increase due to favorable conditions in the United States.

Following Russia's invasion of Ukraine, there has been a surge in trade-related restrictions. The global food crisis is partly exacerbated by trade restrictions on food and fertilizers introduced by countries with the goal of securing domestic supply and lowering prices. As of September 2024, 16 countries have implemented 22 food export bans, while 8 countries have implemented 15 export restrictions.

Contributor, IIYAMA Miyuki, Information Program