Global food crisis may persist – IMF
… as Russia-Ukraine war enters second year
The International Monetary Fund (IMF) has found that the global hunger crisis may persist even as Russia’s invasion of Ukraine enters its second year.
One year after Russia’s invasion of Ukraine upended agricultural commodity markets, food prices remain elevated even after retreating from their record highs in early 2022.
Analysts are certain that already high local food prices will further be exacerbated and living conditions worsened.
“With two of the world’s largest exporters of wheat and other crucial crops entering a second year of war, many vulnerable countries still face heightened food insecurity. Fragile and conflict-affected states, home to 1 billion people, are at particular risk,” the report said.
The report hinged the projection on the global inflation of food prices.
It added that though there is a decrease in the record-high prices of food recorded in early 2022, the current food prices remain elevated.
The IMF and other global institutions said in a recent joint statement on food security that governments and donors must step up support for the most vulnerable, facilitate trade and market functioning, and abandon harmful subsidies.
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“More concerted action across these three key areas is needed to prevent a prolonged crisis,” the heads of the FAO, IMF, World Bank, World Food Programme, and World Trade Organization said in a February 8 statement.
Africa’s biggest economy is already facing a combination of challenges including the war that has now entered its second year, an underlying malnutrition problem, and its recent naira scarcity, amongst others.
Analysts are predicting that the country’s headline & food inflation will accelerate further on the persistent naira and fuel scarcity and the post-election tensions that shut down several businesses.
Experts say this presents dire consequences for Africa’s biggest economy as the average Nigerian already finds it difficult to eat at least twice a day.