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A collage depicting food price increases.

Annie Gugliotta/GZERO Media

Are high food prices here to stay?

A perfect storm of pandemic shortages, Russia’s invasion of Ukraine, and extreme weather events have driven up food prices and threatened food security globally. Now, a strong El Niño event stretching into 2024 could exacerbate this food crisis, but not for everyone.

A 2023 report by the UN Food and Agriculture Organization found that as many as 783 million people worldwide faced food insecurity in 2022 – 122 million more than in 2019. The pandemic brought supply chain challenges that have been slow to abate. Extreme weather and global conflict further drove up hunger by limiting access to food. The problem is acute in the developing world, but it’s hitting people hard in North America, too.

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Sustainable Investing Spotlight

In Planting for Tomorrow: Weaving sustainability into the path toward food security, a new special edition newsletter from Citi Global Wealth and Eurasia Group/GZERO Media, we take a deep dive into the challenges and the innovations in sustainable agriculture. This newsletter gives you an essential look into the future of food.

Check it out here

Want to go even deeper in the food security challenge? Check out the Living Beyond Borders podcast from Citi Global Wealth Investments and GZERO and listen to our episode compelling called Global Food (In)security.

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Trader Warren Meyers watches the Fed Rate announcement on the floor of the New York Stock Exchange


Breather for the Fed?

For background, the Fed has been bumping up rates since March 2022, when pandemic-related stimulus and supply chain kinks were driving annual price growth towards 9%, a 40-year high.

But these days things are looking rosier. The latest data show annual price growth in May was just 4%, almost a full point below April’s clip. It’s the 11th consecutive month that inflation has fallen.

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Who's to blame for sky-high food prices?
Who's to blame for sky-high food prices? | Ertharin Cousin | US-Canada Summit | GZERO Media

Who's to blame for sky-high food prices?

More than a year after Russia's war in Ukraine, have we turned from not enough food to more expensive food for all? How is this having different impacts in the developed and developing world?

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A chart comparing countries with the largest Muslim populations with corresponding food inflation rates.

Luisa Vieira

The Graphic Truth: Ramadan celebrations now cost more

The holy month of Ramadan has begun for the world's roughly 1.9 billion Muslims. But for many, the joyous feasting with family before and after the Ramadan fast will be overshadowed by inflated food prices thanks to Russia’s war in Ukraine. Majority-Muslim populations in Asia and the Middle East, where many countries rely on food imports, will feel the economic pinch most. We take a look at countries with the largest Muslim populations and their corresponding food inflation rates.

Inflation, war, climate headline at UN General Assembly
UN General Assembly Issues: War in Europe, Inflation, Climate Change | World In :60 | GZERO Media

Inflation, war, climate headline at UN General Assembly

Ian Bremmer shares his insights on global politics this week on World In :60.

As high-level week at UNGA gets underway, that's United Nations General Assembly, what is top of mind for visiting world leaders?

I don't know. How about war on the ground in Europe? How about massive inflation happening in food prices and energy prices around the world? How about how the Europeans get through a very cold winter and what happens as a consequence of that when they don't have enough energy, and prices are like two, three, four, five times what they were last year? How about climate change ongoing and still becoming a bigger and bigger problem every year? Lots to talk about at UNGA, depends on who you talk to though. Depends on who you talk to.

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Shortages reach far beyond food

The war in Ukraine is just the latest crisis to befall global supply chains in recent years, and it appears likely to get worse before it finally eases. It’s not just about interrupted flows, shortages, and higher prices for food and fuel. According to a report published in May 2022 by Dun & Bradstreet, a total of at least 615,000 businesses operating globally depend on supplies from either Russia or Ukraine. About 90% of those firms are based in the United States, but supply chains in Europe, China, Canada, Australia, and Brazil are heavily impacted. According to the report, a total of 25 countries have a high dependency on Russia and Ukraine for a variety of commodities.

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Paige Fusco

Food prices are falling: that’s good news, right? Right?

Don’t look now, but one of the worst stories in the world is actually getting better. Slightly.

You’ve doubtless seen a lot about — and probably experienced — soaring global food prices in recent months. The pandemic drove up prices, and the war in Ukraine sent them to dizzying heights. Close to a billion people slid closer to famine and poverty.

Well, global food prices are actually falling now. In fact, they’ve been on their way down for several months.

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