Browsing: Food and fertilizer exports

At the close of 2022, between September to December, food prices soared around the world and with no signs of this abating in 2023, countries in Africa will have to move with speed to mitigate a looming food crisis. Photo/WFO

At the close of 2022, between September to December, food prices soared around the world and with no signs of this abating in 2023, countries in Africa will have to move with speed to mitigate a looming food crisis. 

Food inflation is particularly pronounced and severe in low-income and middle-income countries. According to most recent sector reports, up to 94.1% of low-income countries around the world suffer food inflation.

With increasing food prices, the cost of living is increasing, and it is no better in lower-middle-income countries of which 92.9% are contending with food inflation.

Also Read: Starvation, death threaten Horn of Africa stability 

Even the upper-middle-income countries are also facing food inflation with 89% reporting unprecedented double-digit inflation. 

According to the International Monetary Fund (IMF), maize prices in December 2022 went up by 27% while wheat shot up 13% higher compared to the same period in 2021.

As we

The Rossiya Segodnya roundtable panel during the discussion on food security in Africa. Sanctions are aimed at Russia's exports of food and fertiliser. www.theexchange.africa

And now, it is possible that Africa and Russia will have a new way of doing business if proposals to have a new Russian bank for Africa are implemented. This came to the fore after Rossiya Segodnya, which owns Sputnik, held a virtual round table discussion on Tuesday with diplomats, analysts and officials from Russia and Africa to talk about “Global Challenges to Food Security.”

Specialists talked about a wide range of issues related to the current food security crisis that is threatening both Africa and the rest of the world, such as how it started and how Western restrictions on Russia have made the situation worse. The experts also talked about ways to solve the problem.

Oleg Ozerov, the Russian ambassador-at-large and head of the secretariat of the Russia-Africa Partnership, said that the international community had come to agree that the current emergency started long before the crisis between …