Highlights:

• Since the last update on February 15, 2024, the agricultural price index closed at the same level, the cereal price index closed 5 percent lower, and the export price index closed 5 percent higher.

• Domestic food price inflation remains high in low-, middle-, and high-income countries.

• The International Food Policy Research Institute (IFPRI) details the continuing repercussions of India's export restrictions on rice. The restrictions, implemented with the intention of stabilizing domestic prices, are still affecting global rice markets half a year later.

• A recent flagship report from the UN Food and Agriculture Organization (FAO) highlights the staggering economic toll of disasters on agricultural and agrifood systems, estimating a total loss of approximately USD 3.8 trillion in agricultural production over the last 30 years. This equates to an average annual loss of USD 123 billion, equivalent to 5 percent of global agricultural gross domestic product (GDP).

• As highlighted in a recent blog, the World Bank Food Price Index declined noticeably in 2023, averaging 9 percent lower for the year than in 2022. Despite this decrease, inflation-adjusted food prices in 2023 remained comparable with price spikes observed in 2007/08 and 2011/12.