Expert: 2023 will be the year of the “cost of living” crisis – food price concerns

Georgios Atsalakis, Associate Professor of the Technical University of Crete, in his new study presented by, talks about “difficult” coming.

As oil and gas prices rise amid Russia’s escalation in Ukraine, consumers around the world are already facing the immediate effects of the crisis. In addition to the emergence of energy instability, 2022 is also the year adverse food security situation.

Food security is an element of the national security of the state. A situation in which all people, at all times, have physical and financial access to sufficient, quantitatively safe foods to live an active and healthy life.

Previously, the lowest price for wheat was $ 85.3 per metric ton in July 1999 and the highest price was in March 2008 at $ 419. In July 2021, the price was $ 197, in May 2022 the price reached $ 438, ie it increased by 131% in 10 months.

Export bans will further raise prices and cause panic in the markets

“Rising grain prices have so far included the risk of uncertainty due to the situation in Ukraine. Cereal prices have not yet affected growth due to shortages of cereals, reduced production (due to adverse weather conditions) and restrictions imposed by many countries on their food, banning exports. “Export bans will raise prices even more and cause panic in the markets as 80% of the world’s population lives on imported food,” he said. To date, about 30 countries have banned the export of cereals and other food products, such as India, Kazakhstan, Kuwait, Egypt, Indonesia, Argentina, Algeria, Iran, etc.

According to Atsalakis, states should not be afraid to resort to massive markets for imported food: “There are indications that the Russian invasion of Ukraine will stop soon, which will help keep prices from falling further due to the war and restore Ukrainian exports. of unavailable reserves. ” writes

The Greek scientist notes in his new study: “Rising inflation pushes up all prices and especially for basic necessities. “2023 will be a year of cost of living for a large part of the population, as rising prices for basic necessities of life, both food and energy, will consume much of household income.” As for 2024, after 28 years of growth, this will be the peak year of the global economic cycle, followed by several years of visible stagnant inflation, with no or cachectic growth on the verge of inflation.

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