Climate-related effects have been augmented by weather phenomena such as El Niño in certain geographies. This is impacting agricultural production while hampering policymakers' ability to contain food prices.

Countries such as India and Indonesia resorted to restricting exports of rice and palm oil in 2023 to prevent domestic civil unrest and inflation, chafing some trading partners. Russia's withdrawal from the Black Sea Grain Initiative and the shipping disruptions in the Red Sea show the increased vulnerability of food supply chains to geopolitical events.

In part two of our two-part series on global food security, we will cover how higher food prices influence overall inflation, the impact of food security risks on jobs and the workforce, the potential for social unrest, and how governments are responding.

Featured experts:

Carlos Cardenas, head of Latin America Insights and Analysis https://www.spglobal.com/en/enterprise/experts/cardenas-carlos.html

Hanna Luchnikava-Schorsch, principal economist, Asia Pacific Economics https://www.spglobal.com/en/enterprise/experts/luchnikava-schorsch-hanna.html

Ronel Oberholzer, head of sub-Saharan economics Explore our full library of S&P Global Market Intelligence podcasts: https://www.spglobal.com/marketintelligence/en/news-insights/podcasts/