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REPORT
May 2022
Another Perfect Storm?
How the failure to reform food systems has allowed the war in Ukraine to spark a third global food price crisis in 15 years, and what can be done to prevent the next one
This page is automatically translated from the English original using DeepL and may contain errors.
With the invasion of Ukraine sparking a third food price crisis in 15 years, this special report takes stock of the critical factors fanning the flames of global hunger – and what can be done about them.
World food prices saw record-breaking highs in 2022, hitting food insecure countries and populations hard. The report contends fundamental flaws in global food systems – such as heavy reliance on food imports and excessive commodity speculation – are responsible for escalating food insecurity sparked by the Ukraine invasion. These flaws were exposed, but not corrected, after previous food price spikes in 2007-8.
The expert panel calls for urgent action to:
- Support food importing countries (including through debt relief).
- Curb excessive commodity speculation and enhance market transparency.
- Build up regional grain reserves & food security response systems.
- Accelerate the transition to diverse and sustainable food production at local and regional levels.
Olivier De Schutter, co-chair of IPES-Food
A new generation is once again facing mounting food insecurity, and it seems no lessons have been learned since the last food price crises. Continuing to rely on a handful of food commodities and countries for global food supplies, combined with predatory financiers betting on food, is a recipe for disaster. We can only hope that this time will be different.
Olivier De Schutter, co-chair of IPES-Food
Jennifer Clapp, IPES-Food expert
Evidence suggests financial speculators are jumping into commodity investments and gambling on rising food prices, and this is pushing the world’s poorest people deeper into hunger. Governments have failed to curb excessive speculation and ensure transparency of food stocks and commodity markets – this must be urgently addressed.
Jennifer Clapp, IPES-Food expert
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