"Energy Surge, Ukraine Invasion, and Rising Agricultural Costs"... FAO Warns of Food Crisis

[Image source=Yonhap News]

[Asia Economy Reporter Kwak Min-jae] Amid soaring energy prices and disruptions in food supply caused by Russia's invasion of Ukraine, rising agricultural production costs are exacerbating food insecurity in impoverished countries.

According to major foreign media on the 9th (local time), the United Nations Food and Agriculture Organization (FAO) pointed out in a report released that day that the sharp increase in agricultural input costs has been a factor driving up global food prices.

Earlier, on the 6th, the FAO, jointly with the World Food Programme (WFP), issued a report warning that the current situation is more severe than the 2011 "Arab Spring" events or the 2007-2008 food price surge, indicating that a global food crisis is imminent.

This year, global food import costs are expected to reach a record high of $1.8 trillion (approximately 2,259 trillion won), nearly 3% higher than the previous year.

In response, the FAO stated, "Many developing countries are expected to respond by reducing food imports," adding, "For impoverished countries, the reduction will be even greater."

Finally, the FAO forecasted that food price increases will continue beyond next year, adding, "Importing countries may face difficulties coping with soaring international food prices."

This content was produced with the assistance of AI translation services.