Key facts
- The world is on the verge of another food price surge.
- Geopolitical conflicts and extreme weather are contributing factors.
- The UN's Food and Agriculture Organization (FAO) issued the warning.
- Maximo Torero is the chief economist of the FAO.
- Commodity and food prices are expected to increase by year-end.
- Price increases are also expected into next year.
The United Nations' Food and Agriculture Organization (FAO) warns that the world is approaching a fresh period of food price inflation. This anticipated surge is attributed to a confluence of factors, including ongoing geopolitical conflicts and the increasing impact of extreme weather events. Maximo Torero, the chief economist at the FAO, has projected that both commodity and food prices will see an increase by the close of this year and extend into the following year. This outlook suggests that consumers worldwide may experience heightened food costs, potentially impacting household budgets and global food security. The FAO's assessment highlights the interconnectedness of global stability, climate patterns, and the fundamental availability and affordability of food.