Up-to-date FAO reports may stop food price volatility

Related tags Food security Food and agriculture organization

A system providing up-to-date information on global food stocks could prevent abrupt price hikes that could threaten food security.

Food security experts have called on the UN Food and Agriculture Organization (FAO) to produce accurate and timely reports on global storage volumes in order to prevent future price volatility and abnormal price hikes.

The proposal was put forward at a meeting of the Inter-Governmental Groups (IGGs) on Grains and on Rice at the UN Food and Agriculture Organization (FAO).

The meeting blamed "national policy responses and speculative behaviour"​, rather than "global market fundamentals"​ as the major causes of the price hikes.

"The big drive of commodity price volatility, and of price spikes, is storage volumes, on which we have terribly unreliable and incomplete statistics,"​ said food security expert Chris Barrett.

"If FAO could develop credible, timely reports on global storage volumes - at least commercially and publicly held - that would help more than ... earlier production reports,"​ he added.

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