Addressing high food prices: A synthesis report of FAO policy consultations at regional and subregional level
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The 2007-2008 food price crisis happened at a time when global food stocks were at their lowest level in decades. From 1960 to 2000, the growth rate of cereal yields had dropped by half, a by-product of 30 years of underinvestment in agriculture and general neglect of the sector. During the 2007-2008 food price crisis, some governments acted in haste, imposing export restrictions or engaging in panic buying and hoarding, which disrupted world markets and made an already difficult situation wo rse. In January 2011, as food prices soared for the second time in just four years, FAO, through its Initiative on Soaring Food Prices (ISFP), published an updated guide to assist policy makers in developing countries to address high food prices. To help countries draw on lessons learned from the 2007/2008 food price crisis and to ensure wider distribution and use of this guide, FAO decided to organize a series of two-day policy consultations throughout all the regions and subregio ns during 2011. The idea was to bring high-level government officials, key national and international stakeholders and development partners together in one forum to discuss the issues, share experiences and begin a process of mapping out sound policy measures to address high food prices. This report is a synthesis of the policy consultations held from March until October 2011.