Food prices and fertilizer costs remain at historical levels, despite some reductions in recent months. At the same time, countries’ economies are slowing and inflation is rising, making it harder for people to purchase food. Two experts at the World Bank warn that this paints a grim outlook for food security.
In a joint interview with Devex, Madhur Gautam, lead agriculture economist at the bank, and his colleague Julian Lampietti, a practice manager for agriculture and food, say that food systems are unstable and vulnerable, meaning that even small shocks can cause immense harm.
But recent changes have not been small shocks. The combination of already high debt and more recent currency devaluations because of a strong dollar, along with climate change and supply chain disruptions from the war against Ukraine, are battering fragile countries. Gautam and Lampietti are warning of a “perfect storm.”