$50M REQUIRED TO END FOOD INSECURITY OVER THE NEXT 12 MONTHS

An additional US$50 billion is required to end acute food insecurity over the next 12 months in 48 countries most affected by the higher food and fertiliser import prices, according to the World Bank Group.

This is after the group estimated that US$5 billion to US$7 billion in further spending is needed to assist vulnerable households in 48 countries most affected by the higher food and fertiliser import prices. 

According to the group, domestic food price inflation remained high around the world.

Information between May to September 2022 shows high inflation in almost all low-income and middle-income countries, with many experiencing double-digit inflation.

The share of high-income countries with high food price inflation has risen to 85.7 percent.

“The number of people who are experiencing acute food insecurity and will need urgent assistance is likely to climb to 222 million people in 53 countries and territories. 

Following the start of the war in Ukraine, trade-related policies imposed by countries have surged. 

“The global food crisis has been partially made worse by the growing number of food trade restrictions put in place by countries with a goal of increasing domestic supply and reducing prices,” the Group stated.

As of October 10,  2022, some 21 countries have implemented 26 food export bans, and eight have implemented 12 export-limiting measures.

The group observed that after some brief relief in the summer of 2022, fertiliser prices were beginning to rise again.