We’re Entered The Crisis Phase And FAO Has Warned Against Food Panic Buying! The World Food Markets Is Heading Towards A Possible Repeat of The World Food Crisis In 2007 And 2008
October 21st, 2012
Fears of a repeat of the 2008 Global Food Crisis
The United Nations Organization sees signs in the current situation in world food markets that point towards a possible repeat of the world food crisis in 2007 and 2008, when prices of staple foods skyrocketed, creating instability which led to huge social upheavals. Measures are needed in the short, medium and long term, state experts from the UN.
The directors of three United Nations food and agriculture agencies issued a joint statement on September 4 warning against a looming food crisis which has the hallmarks of the 2007 and 2008 food crisis which saw prices of staple products spike, having enormous social and political consequences.
José Graziano da Silva, the Director-General of the UN Food and Agriculture Organization, Ertharin Courins, Executive Director of the UN World Food Programme and Kanayo F. Nwanze, President of the International Fund for Agricultural Development, stated “The current situation in world food markets, characterised by sharp increases in maize, wheat and soybean prices, has raised fears of a repeat of the 2007-2008 world food crisis”
World food prices stabilize but UN urges action
“The market is very vulnerable to any supply side shocks… there is a risk of more price increases but at the moment there is no evidence to suggest that is an inevitability,” he told a news conference.
The FAO said this week that swift international action could still prevent a catastrophe from developing. It has urged countries to review their biofuel mandates and also warned against panic buying and restrictions on exports.