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LATEST NEWS UPDATES | 'Betting on Hunger': Market Speculation Is Contributing to Global Food Insecurity -Kabir Agarwal, Thin Lei Win and Margot Gibbs

'Betting on Hunger': Market Speculation Is Contributing to Global Food Insecurity -Kabir Agarwal, Thin Lei Win and Margot Gibbs

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published Published on May 6, 2022   modified Modified on May 11, 2022

-TheWire.in

An investigation has found that the industry and lobbyists have sabotaged efforts to rein in such behaviour. 

New Delhi/London/Rome: Food prices have climbed to unprecedented levels in recent months, adding to an already precarious food security situation in large parts of the developing world.

Nearly 200 million people already faced acute food insecurity in 2021, almost double the figure from 2016, according to a United Nations report released Wednesday. 

 The report blamed the “toxic triple combination” of climate change, the economic effects of the pandemic and conflict over the past two years.  

According to the report, in 2021, over half a million people (570,000) across Ethiopia, South Sudan, southern Madagascar, and Yemen were on the “verge of starvation and death”. This number is four times more than the number in 2020. 

This year, the situation has worsened as the cost of food has skyrocketed following Russia’s invasion of Ukraine that prompted fears that there could be supply disruptions from two key global suppliers of agricultural commodities. The Food and Agriculture Organisation (FAO)’s food price index has seen an increase of 26% over 2021. The Cereal Price Index has increased by about 30%. 

Please click here to read more. 

Please click here to access the report 'The Hunger Profiteers' by Lighthouse Reports.  


TheWire.in, 6 May, 2022, https://thewire.in/economy/speculation-is-contributing-to-global-food-insecurity-significantly


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