What is it about?
Rising food prices can quickly make it hard for people in poorer countries to afford enough food. To help with this, we've created two tools. The first tool is a model that estimates food price increases up to the current month. The second tool is a daily monitor that checks if basic food prices are rising too fast. These tools provide quick information to help decision-makers act swiftly, especially during emergencies. We gather daily food prices from the public and information from newspaper articles. Our system covers 225 countries and regions, giving a global view of food prices. The results are easy to access every day through an online dashboard.
Featured Image
Photo by Anne Preble on Unsplash
Why is it important?
It is important because rising food prices can quickly lead to food insecurity, especially in poorer countries where people already spend a large part of their income on food. If prices go up too much, many families may struggle to afford basic necessities. By providing timely and accurate information on food prices, our tools help decision-makers take swift action to prevent or mitigate food shortages. This can make a big difference in ensuring that vulnerable populations have enough to eat, particularly during crises.
Perspectives
Rising food prices pose a significant challenge for vulnerable populations, especially in poorer countries. Our tools are important because they help address this issue in several ways. For policymakers, these tools provide the data needed to make informed decisions and implement measures to control food inflation and support those in need. For international organizations and aid agencies, a global view of food price trends helps coordinate efforts and allocate resources more effectively to the regions most in need. By enabling quick responses to price hikes, our tools contribute to stabilizing food markets and ensuring that food remains accessible to everyone, especially during emergencies. This is crucial for maintaining social stability and improving the quality of life for millions of people worldwide.
Luis G. Silva e Silva
Food and Agriculture Organization
Read the Original
This page is a summary of: Food price inflation nowcasting and monitoring, Statistical Journal of the IAOS, May 2024, IOS Press,
DOI: 10.3233/sji-230083.
You can read the full text:
Contributors
The following have contributed to this page
