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The recent global surge in inflation has impacted livelihoods around the world, particularly in crisis-affected areas. This additional shock has significantly affected households that were already living in fragile situations.
would not be in this energy crisis if the world had moved over to renewables, and if renewables were the predominant fuel for electricity around the world. the reason having an energy crisis is because we are still predominantly depending on oil and oil and gas and depending on erratic states to provide that oil and gas, hence we have a problem. but we wouldn't have it if we had actually moved over to renewables. the same thing with food prices. we are having a food price crisis and thatis are having a food price crisis and that is because of fuel prices, so all of these are actually interrelated crises and the amazing thing is that addressing climate change, decarbonising the global economy, moving over to clean, cheap, omnipresent technologies would actually help to alleviate many of the crises that we are suffering right now.— suffering right now. antonio guterres says _ suffering right now. antonio guterres says there - suffering right now. antonio guterres says there are - suffering right now. antonio guterres says there are two | suffering right now. antonio i guterres says there are two or suffering right now. antonio - guterres says there are two or three years to change course to get this
or damaged by the war. at the world bank's annual meeting in washington, development experts are scrambling to address a problem that threatens to put millions into starvation. michelle fleury reports. at the last imf world bank gathering in spring, there was a huge deal of concern about how the pandemic, the conflict in ukraine and supply chain disruptions were driving up food prices. six months later, they are still talking about people going hungry. this time it is a global fertiliser crunch threatening to starve the world's crunch threatening to starve the worlds for us. there is no way�*s minister of international development. fist way's minister of international development.— way's minister of international develoment. �* ., development. at the moment we are facin: development. at the moment we are facing a _ development. at the moment we are facing a food _ development. at the moment we are facing a food price _ development. at the moment we are facing a food price crisis - are facing a food price crisis that can be fixed with money, with logistics. however, due to the fertiliser crisis, in one season, we will not produce enough food in the world. to feed everyone.— feed everyone. fertiliser is used to boost _ feed everyone. fertiliser is used to boost soil -
has increased 37% since january. he predicted another double-digit increase before the end of july. >> for american consumers, they may say this is hurting my wallet. >> absolutely it is hurting their wallet. >> and there is even more at stake. remember that spike in wheat prices in 2008. >> this is the food price crisis. >> it wasn't just wheat. prices for staple foods across board went up. >> we're seeing a very similar run-up in price and spike in prices. >> a study published in the american journal of the agriculture economics analyzed data and found a high correlation between high food prices and social unrest. >> go back to the arab spring, a lot of those protests were initiated by high food prices. in north africa and the middle east, egypt. >> the strain even sparking protests in iran back in may. >> especially in developing countries. there is a real concern about
the united nations has warned the conflict in ukraine could send tens of millions into famine, at the same time, egypt's finance minister warns that millions could die globally because of the food price crisis. the war is directly affecting global food supplies, especially wheat, maize, barley and sunflower oil. eu agriculture ministers will meet in brussels today to review the current crisis. joining me now is sean rickard, independent economic analysis. thanks very much for being with us, just how serious a threat as the war on global food supplies in your view? it is supplies in your view? it is serious but _ supplies in your view? it is serious but they _ supplies in your view? it is serious but they think - supplies in your view? it 3 serious but they think we ought to take care not to exaggerate the situation. obviously ukraine is one of the world's largest exporters of wheat and oilseeds and its ability to export has been severely curtailed but the rise in
way, where we have requirements that all the food that we publish is bought from u.s. farms and shipped on u.s. ships before it's delivered overseas, the last two administrations the bush administration and this one have argued that the system needs to be reformed and we need to be purchasing food locally as a way of getting food there faster. stimulating the local economy and saving lives and saving taxpayer money. what we are doing is not smart from a taxpayer point of view. the taxpayers are losing $.42 on dollars that has been argued by both parties and both administrations, it's overdue and we need to change it. the other thing is we saw it in 2008 that there was a global food price crisis and countries around the world suffered 200% to 300% in increases in food prices, they have not come down
long-term growth. >> what you're saying is the governments will push themselves further into debt in order to overcome the immediate food price crisis and that's going to be damaging. >> that could be the case, yeah. but, of course, it can come up with other kinds of reforms to compensate for that and longer term, as i said before, longer term growth prospects are very good for egypt because of demographics. so i don't think they're going to change dramatically, but for the next few years we could see it. >> okay. maarten-jan bakkum. many thanks. the euro is softening again. the euro had a bit of a down day on thursday but it's now up a tenth of a percent and the pound, a similar sort of picture. the yen, though, losing a little bit of ground, 81.57 is the