Global macro-economic factors and key drivers impacting global food price volatility, domestic food prices, affordability, and accessibility of food

FAO

Global macro-economic factors and key drivers impacting global food price volatility, domestic food prices, affordability, and accessibility of food

A paper produced for the G20 Taskforce on Food Security under the Presidency of South Africa

Year of publication 2025

Place of publication Rome, Italy ;

Pages 42 p.

Author FAO

Publisher FAO ;

Product type Book (stand-alone)

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To cite or share https://doi.org/10.4060/cd7282en

Synopsis (short abstract) Global food prices became again a concern for policy makers in 2020. The outbreak of the COVID-19 pandemic was followed closely by the outbreak of the war in Ukraine, posing two successive shocks to the global economy and agricultural markets in the context of recurrent weather adverse conditions. These events contributed to the deterioration of global food security. The FAO Food Price Index reached its highest historical level in March 2022, and while international food prices have since declined, they have not returned to pre-pandemic levels. The international community, including the G20, used several policy instruments to respond to these shocks. These included monetary, financial and trade policies.The present paper was prepared by FAO at the request of the G20 Presidency of the Republic of South Africa to inform the deliberations of the G20 Taskforce on Food Security in 2025. It discusses the drivers behind recent food price movements and inflation, their pass-through to domestic markets and puts forward policy responses that can help mitigate these effects. The present paper draws from previous FAO work and contains some findings from the 2025 edition of The State of Food Security and Nutrition in the World – Addressing high food price inflation for food security and nutrition (SOFI 2025). For an extended analysis on this topic, readers may wish to refer to SOFI 2025.

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FAO. 2025. Global macro-economic factors and key drivers impacting global food price volatility, domestic food prices, affordability, and accessibility of food – A paper produced for the G20 Taskforce on Food Security under the Presidency of South Africa. Rome, FAO.

https://doi.org/10.4060/cd7282en

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