[Image of a Grocery Store, Credit to Pixabay]

No single factor fully accounts for the rapid 28% increase in global food prices over the past five years, according to  the Bureau of Economic Analysis, bringing many nations and households into a state of urgency. 

Recent years have been shaped by historical events that disrupted global supply chains.

The pandemic, for example, caused disturbance in transportation and supply chain due to shutdowns, while the ongoing Russian-Ukraine conflict persists to disrupt critical exports of fuel and grain, further accelerating price volatility and the overall inflation. 

Exacerbating  these challenges, the worsening climate change has intensified the crisis, as demonstrated in the case of global olive oil production, which serves as a stark example of  the gravity of the problem.

Its production declined by approximately one-third between 2021 and 2024 due to extreme heat and drought, revealed by the International Olive Council.

Consequently, the price of olive oil soared in different parts of the world; of all, Portugal was affected the most severely with the cost rising by 70% compared to last year, according to Eurostat. 

These soaring prices not only strain economies but also place immense pressure on consumers and businesses. 

Purdue University’s Center for Food Demand Analysis and Sustainability assesses food spending, consumer satisfaction and values, and support of agricultural policies.

The research shows that adaptations to food inflation for most households involved seeking out sales and discounts, switching to cheaper and more efficient brands, and buying less nonessential items. 

Interestingly, when questioned which goods and services experienced the largest inflation, 56% of consumers answered “food”, despite actual statistics showing that prices of insurance, child care, and housing have risen faster than prices for food. 

Among all consumer groups, young people have been the most affected. 

The same study found that 37% of Gen Z and millennials rely on savings or going into debt to manage their food purchases last year, reflecting on the financial difficulties caused by rising prices. 

The global struggle has prompted nations to implement policy measures aimed at mitigating rising food costs and promoting economic stability.

For example, India has recently taken actions to remove the minimum export price for white rice, with Bangladesh and Türkiye relaxing import restrictions on maize, rice, and vegetable oils.  

The  United States has made continuous efforts in managing food security and has been promoted by a key policy framework, the Farm Bill, that was introduced in 1933 and has been revised every five years since. 

The most recent version, the Agricultural Improvement Act of 2023, prioritizes  strengthening food security through initiatives such as Supplemental Nutrition Assistance Program(SNAP) and The Emergency Food Assistance Program(TEFAP), which play a critical role in helping low-income households access affordable food amidst inflation and rising costs. 

While these policies aim to stabilize food costs, their long-term efficiency relies on addressing the root causes of the inflation, such as climate change and supply-chain disruptions.

Thus, critics argue that the implementation of sustainable strategies through international effort may be necessary to ensure the continued effectiveness of these measures in the long run.