Nicolas Sarkozy, France’s president, has rightly identified food price volatility as a priority for his country as it chairs the Group of 20 leading economies this year. Figures released on Wednesday by the UN’s Food and Agricultural Organisation show that costs for a range of basic commodities have now surpassed their peaks of 2008. With food accounting for a large and volatile share of tight family budgets in the poorest countries, rising prices are re-emerging as a threat to global growth and social stability.
When prices of staples soar, the poor bear the brunt. Without global action, people in poor countries will be deprived of adequate and nutritious food, with tragic consequences for individuals and for the future prosperity of their countries. The G20 should agree to put food first – because food is the essence of life, and because practical action by the G20 could help make a real difference to hundreds of millions of people.
The overarching goal should be to ensure that the most vulnerable people and countries are no longer denied access to nutritious food. The G20 can achieve this, providing we take the following practical and interconnected steps.