Price Volatility in Food and Agricultural Markets: A policy response
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FAO ;
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Under the Food Security pillar of the Seoul Multi-year Action Plan on Development, the G20 “request that FAO, IFAD, IMF, OECD, UNCTAD, WFP, the World Bank and the WTO work with key stakeholders to develop options for G20 consideration on how to better mitigate and manage the risks associated with the price volatility of food and other agriculture commodities, without distorting market behaviour, ultimately to protect the most vulnerable”. This report has been prepared by FAO, IFAD, IMF, OECD, UN CTAD,WFP, the World Bank, the WTO, IFPRI and the UN HLTF. The approach taken in this report reflects the view of the collaborating international organisations that price volatility and its effects on food security is a complex issue with many dimensions, agricultural and non-agricultural, short and long-term, with highly differentiated impacts on consumers and producers in developed and developing countries. The report begins with a discussion of volatility and of the ways in which volatility af fects countries, businesses, consumers and farmers.