Food and essential commodity prices have been increasing all over the world, including India. Food is one of the most important necessities to survive. But its skyrocketing prices this year have created malnutrition, and many people globally are dying due to its high price.
The ongoing war between Russia and Ukraine has had a detrimental effect on food items. Key exports like wheat and fertilisers have been badly affected amidst the war between these two countries. Besides this drought, floods and heat fueled by climate change have made the harvest poor.
Wheat prices break a 14-year record
In March, wheat prices broke a record of 14-years and maize prices reached the highest ever recorded, the International Panel of Experts on Sustainable Food Systems (IPES) said in a report released last week. That has made basic staples more expensive-or harder to find-for families in many countries, especially the poorest.
Climate change, widespread poverty and conflicts are now combining to create “endemic and widespread” risks to global food security, which means higher food prices may be the new normal, unless action is taken to curb the threats, IPES noted.
The food crisis is a danger to the entire world. It may hurt their normal lives. Attention should be paid to dealing with the food crisis adequately, otherwise, things will turn from bad to worse.
If these things are neglected, the world will find itself “sleepwalking into the catastrophic and systematic food crises of the future,” the IPES experts noted.
Situation in India.
The situation in India is getting severe as the prices of food items have been increasing on a regular basis. Besides food, the prices of fuel and LPG cylinders have created a ruckus in the budgets of the middle class and lower income groups.
The adverse effects of unprecedented high global food prices due to the ongoing geopolitical situation are reflected in the domestic market as well, and inflationary pressures are likely to persist, said Reserve Bank of India Governor Shaktikanta Das last week while announcing decisions taken at an off-cycle Monetary Policy Committee (MPC) meeting.