In a new study titled “Food Security Update | The World Bank’s Response to Increasing Food Security,” the bank notes that domestic food costs remain high around the world, especially in low- and middle-income countries.
The global food crisis has reportedly worsened due to a rise in trade measures imposed by countries in response to Russia’s invasion of Ukraine, the bank said. This policy has been implemented in an effort to boost local supply and lower prices.
The bank also announced a $30 billion aid program that will be implemented over a 15-month period and includes $12 billion in new projects to help counties overcome food insecurity.
The study estimates that in 45 countries, up to 205 million people may experience severe food insecurity and need immediate assistance.
“The latest Food Price Monitoring and Analysis Bulletin released by the Food and Agriculture Organization reveals mixed trends for international cereal prices in January 2023,” read reports in sections.
“World wheat prices fell in January for the third consecutive month; international coarse wheat prices remained largely unchanged; and international rice prices rose sharply in January 2023. Overall, FAO analysis shows that high prices have persisted over the past three months despite evidence of decline from the peak of 2022 in certain countries, with the increase in rice prices usually responsible for the persistently high cereal prices.” as seen in the report.
In addition to the economic stimulus, the World Bank Group announced that it has partnered with the G7 Presidents and co-convened the Global Alliance for Food Security in an effort to attract a rapid and coordinated response to the growing problem of global hunger.
According to the study, the alliance made available the Global Food Security and Nutrition Dashboard, which provides immediate information to local and international decision makers to help better coordinate the financial and policy response to the food crisis.