Food prices around the world have hit a 10-year high during the pandemic – with the biggest rises affecting some of the poorest countries
According to a new world vision report, soaring food prices combined with lockdown-induced job losses and disrupted nutrition services has fuelled a global hunger crisis
World Vision Australia CEO Daniel Wordsworth joined ticker to share more on World Vision’s Price Shocks report.
Thought the cost of groceries in Australia had climbed during COVID?
Well, we Australia is still the ‘lucky country’, compared to places like Syria, east Africa or Myanmar, where the cost of food has soared by more than 50 per cent since the pandemic began.
That’s the finding of a new World Vision report which has found food prices have not only hit a 10-year high during COVID, but that the biggest rises are hitting the world’s poorest the hardest.
World Vision’s Price Shocks report compared the cost of a basket of 10 staple items in 31 countries and found Australians would have to work an average of one hour to pay for the 10 items, while people in Syria would have to work three days and in South Sudan eight days.
“In many countries around the world where well, visions working, you already have environments that are very fragile. So they’re already struggling, maybe with conflict, maybe with large scale people movement in a place like Lebanon, for example,” Daniel told ticker NEWS.
He said when you put on top of that COVID, it’s plunged the World Food System in a kind of crisis, you have less food being made, because there are less workers and less ability to get into those spaces, the movement of that food into marketplaces are restricted because of COVID, the ability to process it, then the ability to take it into micro places and sell it, all of this has been threatened by COVID.
“You have 3 billion people going to bed at night without enough food.”
Price Shocks found between February 2020 and July 2021, while Australian food prices rose by just 3.5 per cent, prices increased in Myanmar by 54 per cent, Lebanon 48 per cent, Mozambique 38.3 per cent, Vanuatu 30.9 per cent, Syria 29.2 per cent and Timor-Leste 17.7 per cent – affecting mainly people who could least afford it.
Daniel said the report confirmed the aftershocks of COVID-19 had the potential to exact a greater toll on the world than the virus itself.
“Job losses and lower incomes from the pandemic are forcing millions of families to skip meals, go for cheaper, less nutritious food, or go without food altogether,” Daniel said.
The report also cites a recent study which estimated by the end of 2022, the nutrition crisis caused by COVID-19 could result in 283,000 more deaths of children aged under five, 13.6 million more children suffering from wasting or acute malnutrition and 2.6 million more children suffering from stunting. This would equate to 250 children dying each day from pandemic-related malnutrition.
“As always, children suffer the most – they are the most vulnerable to hunger because they have a greater need for nutrients, they become undernourished faster than adults and are at a much higher risk of dying from starvation,” Daniel said.
Daniel said World Vision had been responding to the hunger crisis, reaching 12 million of the world’s most vulnerable people in 29 countries with food and nutrition in 2020 alone.
And he was confident Australians would step up to help organisations like World Vision provide emergency food and cash assistance to those in need. World Vision has also urged the Australian Government to commit $AU150 million famine-prevention package to avert a worsening of the crisis.
“Generosity in the face of need is in our DNA, so I am certain Australians will respond – the same way we responded to the Boxing Day tsunami, the Ethiopia famine and the Beirut port explosion.”
In Short:
– U.S. stocks rally continues, raising concerns over AI trade and potential Fed interest rate changes.
– S&P 500 profits expected to rise 13.8%, but high market valuations create caution among investors.
U.S. stocks maintain a rally amid a busy week for corporate earnings, raising investor concerns over the strength of the artificial intelligence trade and potential Federal Reserve interest rate adjustments.The S&P 500 ended October with a 2.3% monthly increase and its sixth consecutive month of gains.
However, mixed results from major companies have cast doubt on future interest rate cuts after the Fed eased rates by a quarter point on Wednesday. Fed Chair Jerome Powell signalled that a cut at December’s meeting is uncertain, contrary to investor expectations.
Third-quarter earnings have exceeded expectations, with S&P 500 profits projected to rise by 13.8% year-over-year. Over 130 companies are set to report results in the coming week.
Market Valuation
The S&P 500’s forward price-to-earnings ratio has exceeded 23, raising concerns about high market valuations reminiscent of the dot-com era. Analysts suggest earnings must support future stock returns given current valuation levels.
Historically, November is a strong month for stocks, averaging a gain of 1.87%. Future performance trends may indicate continued upward movement, as past instances show stocks often rise after substantial year-to-date gains.
With 44% of S&P 500 companies reporting, 83% have surpassed earnings expectations, signalling strong corporate performance despite challenges. Companies such as Meta Platforms and Microsoft saw share declines post-earnings due to increased spending on AI, while Alphabet’s stock rose amid positive sentiment regarding its cash flow management.
Investors maintain caution due to rising workforce reductions, particularly after Amazon announced a significant global workforce decrease. The ongoing U.S. government shutdown, now the second longest in history, adds uncertainty as critical economic data releases are delayed.
In Short:
– Ukraine targeted and damaged the Koltsevoy fuel pipeline supplying Russian forces on October 31.
– Russian attacks on Ukrainian energy infrastructure escalated, resulting in civilian casualties.
Ukraine’s military intelligence has successfully targeted a key fuel pipeline supplying Russian forces near Moscow.
The attack damaged all three lines of the 400-kilometer Koltsevoy pipeline system, marking a significant setback for Russia’s military logistics.The action coincided with an escalation in Russian attacks against Ukrainian energy infrastructure, leading to multiple casualties from drone strikes that resulted in at least four civilian deaths and numerous injuries.
The Main Intelligence Directorate (HUR) of Ukraine confirmed the operation specifically targeted the Koltsevoy pipeline located in Ramensky district. Despite robust security measures, the attack successfully disrupted a pipeline critical for transporting fuel to the Russian military.
HUR noted the pipeline had a substantial annual capacity, delivering millions of tons of jet fuel, diesel, and gasoline.
HUR chief Kyrylo Budanov stated that the damage inflicted was more substantial than international sanctions against Russia.
Energy Disruption
Ukraine’s strategy centers on disrupting Russian energy logistics to exert economic pressure. Ukraine’s forces have frequently targeted Russian fuel facilities, with officials claiming this approach is yielding greater success than economic sanctions.
Russian military actions against Ukraine intensified concurrently, with a reported 270 missile strikes in October and drone assaults resulting in significant civilian casualties.
The ongoing conflict has drawn international condemnation, particularly from the G7, which criticises Russia’s attacks as harmful to social and economic stability in Ukraine.
Future of education: how Generation Alpha and engaged parents are shaping schools amid challenges and rapid change
In Short:
– Future education involves increased parental engagement and adapting to technological changes for younger generations.
– Barriers to involvement include time constraints and poor communication from schools, impacting family-school relationships.
What does the future of education look like for parents and students?
In the conversation, he noted significant shifts in education accessibility and the increasing need for parental involvement.
A recent study indicated that 83% of parents prioritise engagement in their children’s schooling, seeking to actively participate despite busy schedules. Parents are investing in education, valuing it highly while wanting to play a hands-on role.