What's New

With new U.S. tariffs on Canada and Mexico now in effect, what are the potential impacts on trade among those countries and across the Western Hemisphere?

Climate change, malnutrition, and poor diets are interconnected. Without well-financed climate change adaptation plans and strategies global nutrition disparities could worsen.

Global agricultural markets have been in a constant state of uproar over the past five years. Trade wars between major trading nations such as China, the United States, and Australia, supply chain disruptions due to the COVID-19 pandemic, Russia’s war in Ukraine, crisis in the Middle East, and export restrictions in many countries have diverted supplies, altered trading patterns, and increased price volatility, which often makes markets less efficient and more costly. 

Recurring spikes and high volatility in international food and fertilizer prices (Figure 1) have triggered economic impacts around the world over the past two decades. These major shocks include the global food price crises of 2007-2008 and 2010-2011, the market disruptions of the COVID-19 pandemic, and the Russia-Ukraine war. In the months after Russia’s February 2022 invasion, real global food prices reached the highest levels on record in more than six decades, while key global fertilizer prices more than doubled over those of the previous year.

Figure 1

The FAO Food Price Index declined by 1.6 percent from December. While the Index was 6.2 percent higher than its January 2024 level, it remains 22 percent below its peak of March 2022.