food price spikes

2023 could be a turning point. A year when the world emerges from unprecedented crises, and governments deliver progressive reforms that build a brighter future for all, and for the planet.

But despite the dire economic situation facing the poorest countries today, and much political discussion of the trillions needed to tackle poverty, inequality and climate change, there is no indication that rich countries are willing to pay the true price of a fair and sustainable future. 

Little will be done to curb harmful food speculation today as EU finance ministers meet to approve their position on the new Markets in Financial Instruments Directive (MiFID II) – which sets new regulations for financial markets. According to a broad coalition of environmental and development organizations, loopholes in the legislation will render it ineffective to prevent food speculation, and the resulting food price spikes that hit the poorest the hardest.

Onus of incorporating strong rules to limit speculation on food commodities into Markets in Financial Instruments Directive (MiFID) now lies with Member States

Agriculture is highly sensitive to climate variability and weather extremes.

New research shows that the full impact of climate change on future food prices is being underestimated.

Climate change is making extreme weather much more likely. As the 2012 drought in the USA shows, extreme weather means extreme food prices.