The costs of importing food are expected to reach record levels this year.
The U.N. Food Agency says that will put intense pressure on the world’s poorest countries, whose economies have already been hit hard by COVID-19.
Reuters said the high costs may continue for a long period as nearly all agricultural commodities have become more expensive in recent months, while a rally in energy markets could boost farmers’ production costs. T
he Food and Agriculture Organization said the problem is not that the world faces higher prices; the issue is vulnerable countries. The FAO’s Food Outlook report says the world’s food import bill will reach $1.71 trillion, up 12 percent from 2020.
The FAO also said nations classified as Low-Income Food-Deficit Countries are forecast to see their food import costs jump 20 percent this year. International aid organizations are already warning officials of rising numbers of malnourished people in the world as COVID-19 compounded food insecurity linked to conflict and poverty in states like Yemen and Nigeria.
The FAO’s monthly food price index recently hit a 10-year high in May, including sharp rises for cereals, vegetable oils, and sugar.
