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The agricultural and export price indices closed 1 and 2 percent higher, respectively; the cereal index was unchanged. Maize and rice prices closed 3 percent and 4 percent lower, respectively, and wheat closed 8 percent higher. On a year-on-year basis, maize prices are 17 percent lower, wheat prices 4 percent lower, and rice prices 3 percent lower. Maize prices are 7 percent higher than in January 2020, wheat prices 3 percent higher, and rice prices 41 percent higher (See “pink sheet” data for agricultural commodity and food commodity prices indices, updated monthly.)
The Global Report on Food Crises 2024 Mid-Year Update highlights alarming trends in acute food insecurity and malnutrition, following high levels in 2023. The number of people projected to be in Catastrophe (Integrated Food Security Phase Classification (IPC) Phase 5) has surged, increasing from 705,000 in 2023 to 1.9 million in 2024.
The State of Food Insecurity and Nutrition in the World 2024 report reveals significant challenges in achieving Sustainable Development Goal (SDG) 2—Zero Hunger. Despite some progress in some regions, global undernourishment remains alarmingly persistent, with an estimated 713 million to 757 million people affected in 2023.
With the end of the year approaching, 2024 is likely to be one of the warmest years on record, the Agricultural Market Information System (AMIS) Market Monitor for September 2024 highlights significant impacts on global commodity markets. Recent weather patterns have had mixed effects on agricultural production forecasts: maize output is projected to decrease because of heat affecting the European Union, Mexico, and Ukraine, whereas soybean production is expected to rise thanks to favorable conditions in the United States.
Following Russia’s invasion of Ukraine, trade-related policies imposed by countries have surged. The global food crisis has been partially made worse by the growing number of food and fertilizer trade restrictions put in place by countries with a goal of increasing domestic supply and reducing prices. As of September 2024, 16 countries have implemented 22 food export bans, and 8 have implemented 15 export-limiting measures.
Our food and nutrition security portfolio now spans across 90 countries. It includes both short term interventions such as expanding social protection, also longer-term resilience such as boosting productivity and climate-smart agriculture. The Bank's intervention is expected to benefit 296 million people. Some examples include:
In Honduras, the Rural Competitiveness Project series (COMRURAL II and III) aims to generate entrepreneurship and employment opportunities while promoting a climate-conscious, nutrition-smart strategy in agri-food value chains. To date, the program is benefiting around 6,287 rural small-scale producers (of which 33% are women, 15% youth, and 11% indigenous) of coffee, vegetables, dairy, honey, and other commodities through enhanced market connections and adoption of improved agricultural technologies and has created 6,678 new jobs.
In Honduras, the Corredor Seco Food Security Project (PROSASUR) strives to enhance food security for impoverished and vulnerable rural households in the country’s Dry Corridor. This project has supported 12,202 extremely vulnerable families through nutrition-smart agricultural subprojects, food security plans, community nutrition plans, and nutrition and hygiene education. Within the beneficiary population, 70% of children under the age of five and their mothers now have a dietary diversity score of at least 4 (i.e., consume at least four food groups).
The $2.75 billion Food Systems Resilience Program for Eastern and Southern Africa, helps countries in Eastern and Southern Africa increase the resilience of the region’s food systems and ability to tackle growing food insecurity. Now in phase three, the program will enhance inter-agency food crisis response also boost medium- and long-term efforts for resilient agricultural production, sustainable development of natural resources, expanded market access, and a greater focus on food systems resilience in policymaking.
Content provided by The World Bank (https://www.worldbank.org) Note: Content, including the headline, may have been edited for style and length.
