UN / FAO FOOD PRICE INDEX

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03-Jun-2022 00:01:18
The Food and Agriculture Organization’s (FAO’s) Chief Economist, Maximo Torero, expressed concerns that if countrries don't have “significant access to fertilizers” this year, in 2023 yields will go down, which could mean “an increase of around 18 million more people chronically undernourished.” UNIFEED

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STORY: UN / FAO FOOD PRICE INDEX
TRT: 01:18
SOURCE: UNIFEED
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LANGUAGES: ENGLISH / NATS

DATELINE: 03 JUNE 2022, NEW YORK CITY

SHOTLIST:

FILE - NEW YORK CITY

1. Wide shot, exterior, United Nations Headquarters

03 JUNE 2022, NEW YORK CITY

2. Wide shot, press room dais, FAO's Chief Economist Maximo Torero on screen
3. Wide shot, journalists
4. SOUNDBITE (English) Maximo Torero, Chief Economist, Food and Agriculture Organization (FAO):
“In 2023, the problem is, if we don't have a significant access to fertilizers, yields will go down. And if you add to that the fact that both Russia Federation - if the conflict continues - and Ukraine, can reduce significantly their exports to the world, we are talking a 30 percent of the cereals could be at risk, plus a 63 percent of sunflower, plus reduction of yields. Now, in our simulations if we go to that dramatic scenario, we are talking of an increase of around 18 million more people chronically undernourished, to the positive trend that we already have.”
4. Wide shot, dais
5. SOUNDBITE (English) Maximo Torero, Chief Economist, Food and Agriculture Organization (FAO):
“There is a need for entities like the IMF to start to implement what we call the Food Import Financing Facility. Because they have the mechanics to do that. They normally have the importing facility for a balance of payments, which will have countries which are extremely vulnerable like Mali, like Lebanon, and other countries which are in extreme vulnerability to be able to cover part of that share of the increase in the food import bill.”
8. Wide shot, end of presser

STORYLINE:

The Food and Agriculture Organization’s (FAO’s) Chief Economist, Maximo Torero, today (3 Jun) expressed concerns that if countrries don't have “significant access to fertilizers” this year, in 2023 yields will go down, which could mean “an increase of around 18 million more people chronically undernourished.”

Briefing journalists in New York via video teleconference on FAO’s Food Price Index, Torero said, “in 2023, the problem is, if we don't have a significant access to fertilizers, yields will go down. And if you add to that the fact that both Russia Federation - if the conflict continues - and Ukraine, can reduce significantly their exports to the world, we are talking a 30 percent of the cereals could be at risk, plus a 63 percent of sunflower, plus reduction of yields. Now, in our simulations if we go to that dramatic scenario, we are talking of an increase of around 18 million more people chronically undernourished, to the positive trend that we already have.”

He said, there is a need for entities like the International Monetary Fund (IMF) “to start to implement what we call the Food Import Financing Facility. Because they have the mechanics to do that. They normally have the importing facility for a balance of payments, which will have countries which are extremely vulnerable like Mali, like Lebanon, and other countries which are in extreme vulnerability to be able to cover part of that share of the increase in the food import bill.”

The FAO Food Price Index (FFPI) is a measure of the monthly change in international prices of a basket of food commodities.

The FFPI averaged 157.4 points in May 2022, down 0.9 points (0.6 percent) from April, marking the second consecutive monthly decline, though still 29.2 points (22.8 percent) above its value in the corresponding month last year. The drop in May was led by declines in the vegetable oil and dairy price indices, while the sugar price index also fell to a lesser extent. Meanwhile, cereal and meat price indices increased.
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