The recent period of global turbulence, marked by the COVID-19 pandemic, the war in Ukraine, and subsequent inflationary pressures, has once again tested the resilience of the world’s agrifood systems for meeting Sustainable Development Goal (SDG) Targets 2.1 and 2.2 – end hunger, food insecurity and all forms of malnutrition by 2030. And while the challenges have been substantial and unprecedented, a clear message emerges: this time, the world has responded better.
The signs of improvement in hunger and food insecurity in recent years suggest that measures taken to turn the situation around after the setbacks caused by the pandemic and the war in Ukraine have had a positive effect at the global level. However, the contrasting regional trends point to important disparities in the challenges faced by countries and the policy options available to them, and most countries remain off track to achieve the 2030 SDG targets related to malnutrition. This year’s report emphasizes the importance of an overarching analysis encompassing food prices and trade trends, as well as population-level food security and nutrition data, in order to better understand multidimensional impacts of food price inflation.
Compared to previous crises, such as the food price spikes of 2007 to 2008, the global response to the sources of the 2021 to 2023 inflationary shock was more coordinated, informed and restrained when looking at food security and nutrition. Governments and institutions showed greater awareness of the potential repercussions of uncoordinated action, and policy responses were more measured, better targeted, and grounded in lessons learned.
One of the clearest improvements is in the area of trade policy. While earlier crises were marked by widespread export bans and restrictive measures that amplified global uncertainty and price volatility, the recent episode saw fewer such interventions. Where they did occur, they were generally more short-lived and less disruptive. This shift has been crucial in maintaining the flow of agricultural commodities and ensuring that global markets remain functional, even during significant stress.
Similarly, the importance of market transparency and timely information has been reaffirmed. Initiatives such as the Agricultural Market Information System, established by the G20 in response to the 2007 to 2008 crisis, have played a key role in enhancing transparency of global food markets. By providing reliable data and improving communication between countries, these mechanisms help temper speculation and reduce the risk of panic-driven policy reactions. Strengthening these systems has proven to be one of the most effective tools in dampening extreme price movements and enhancing trust among market participants.
The response to the high food inflationary period also demonstrates the value of robust institutions and established policy frameworks. Countries with sound emergency response structures, including well-established social protection mechanisms, were able to act faster and more effectively in supporting their vulnerable populations. Likewise, stronger coordination between fiscal and monetary institutions allowed for more coherent policy packages that balanced short-term relief with long-term stability.
Notwithstanding the progress made, more needs to happen to fully understand the effect of recent food price inflation on nutrition, and to further improve the resilience of people including women and children to food price shocks, as well as to the major drivers challenging the global efforts for the eradication of hunger, food insecurity and malnutrition.
Going forwards, effective responses to food price inflation should combine well-targeted fiscal measures, structural reforms, and coordinated policy actions. Short-term price interventions should be carefully calibrated to avoid market distortions and ensure long-term sustainability. In times of crisis, fiscal responses – such as cash transfers or temporary tax reductions – should be both targeted and time-bound, with clear exit strategies. Social protection programmes should be nutrition-sensitive and better designed to shield the most vulnerable while also accounting for the erosion of transfer value in high-inflation contexts.
At the macroeconomic level, sound fiscal management working in tandem with credible and transparent monetary policy helps stabilize markets and reinforce investor confidence. Central banks play a crucial role in anchoring inflation expectations, but success depends on anticipating fiscal trends and aligning policy tools accordingly. Strengthening coordination between fiscal and monetary authorities is key to ensuring policy coherence, especially in the context of food price inflation that can rapidly ripple through entire economies.
Structural measures are equally essential. Investments in food storage, transport infrastructure, and market information systems can reduce food losses, improve supply chain efficiency, and dampen future price volatility. Maintaining well-designed strategic reserves and enhancing market transparency contribute to more stable food markets and can be integrated into comprehensive risk management frameworks.
This year’s report reaffirms that while food price inflation remains a pressing concern, it is not undefeatable. Sustained investments, strengthened policy coordination, greater transparency, enhanced policy focus on supporting healthy diets, and continued institutional innovation will be vital in building resilience to future shocks. The lessons of the past several years offer a roadmap for addressing both the immediate impacts of food price inflation on food security and nutrition, and the medium-term goal of achieving SDG 2 and affordable healthy diets for all.
