Food shortages are rapidly approaching. At the end of the summer of 2023, several events unfolded, triggering the global food crisis.
June started with a decline in global food inflation, as prices moved closer to those observed in April 2021, as indicated by the FAO's food price index. Despite the continued high food prices worldwide, a sense of optimism started to emerge, suggesting that prices might improve, and there was a growing feeling that we were moving away from the looming global food crisis.
At this point, circumstances took a darker turn, leading to the decision to expedite the plan. The concern was that without external intervention and if the market was left to its own devices, the situation might not deteriorate as much as they desired."
"Just a month later, in July, the world was rocked by two significant supply shocks, quickly dispelling the optimism that had emerged just a month prior. First, Russia's withdrawal from the Black Sea Grain Initiative, which facilitated Ukraine's food exports, sent shockwaves. The second blow came with India's ban on rice exports. To make matters worse, following these major supply shocks, numerous countries began announcing export bans in succession.
Considering all the events I've discussed in this global food crisis video, it's increasingly likely that the US will experience food shortages before the end of 2023, especially since food inflation has already reached record levels.
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