Many low-income countries continue to experience declined food security, especially in Africa where about 61.6 million people are food insecure in East Africa, and nearly 50 million people are projected to face food insecurity in Western and Central Africa.
In the February edition of the Food Security update published by the World Bank, data recorded from October 2024 to January states that 73.7% of low-income countries experience inflation higher than 5%, 52.2% of lower-middle-income countries, 38% of upper-middle-income countries and 5.6% of high-income countries.
In addition, agricultural and export indices have risen, closing at 3% and 6% higher, respectively. Maize and wheat prices recorded 3% and 5% higher, respectively. Rice prices, on the other hand, closed 10% lower.
According to the February 2025 edition of the Agricultural Market Information System (AMIS) Market Monitor, global prices of wheat, maize, rice, and soybeans are currently lower than those recorded a year ago, except for maize.
The update further highlights the need for increased funding in the food sector, citing the 2024 Financing Flows and Food Crises report, which reveals that on average, only 3% of total development funding is allocated to the food sector, less than 33% directed toward global humanitarian assistance.
Meanwhile, the World Banks’s latest Global Economic Prospects also warned of economic stagnation, as growth is projected to hold at 2.7% through 2026, and underscores how challenges including mounting debt, and trade disruptions are exacerbating food insecurity for the world’s most vulnerable.
Following Russia’s invasion of Ukraine, trade-related policies imposed by countries have surged. The global food crisis has partially been made worse by increased food and fertilizer trade restrictions put in place by countries to increase domestic supply and reduce prices.
