The Food and Agriculture Organization of the United Nations (FAO) said that the global food import bill is about to hit a new record of $1.8 trillion this year.
The latest report of the UN organization revealed that the bulk of this expected increase is due to higher prices and transportation costs.
More than the volume of imports themselves.
In its Food Outlook, the organization notes that “many poor countries incur more costs, but receive less food, which is a worrying matter”.
The report went on to say that in light of the current circumstances, the situation “does not bode well for the overall response.”
The level of market-led supplies, which may be unable to rein in further increases in food prices for the 2022-2023 season and possibly the following season,” according to the report.
The global food import bill is expected to rise by $51 billion, compared to 2021, of which $49 billion will be due to higher prices.