There has been a general surge in the prices of essential goods. and food prices have not been left out …
According to data from the United Nations’ Food and Agriculture Organization, there has been a 65% increase since the start of the COVID-19 pandemic and a further 12% increase this year since the start of the Russian Invasion of Ukraine.
This has affected economies worldwide especially African nations. Its effects have been widespread and greatly affected the lives of the African population, thus has led to:
🛑A fall in the value of money
With the increase in food prices, people tend to spend more to get the same or even a lesser quantity of food as before. The value of money has dropped significantly.
🛑 Increase Food Insecurity and malnutrition
There is a rise in food insecurity (hunger) and malnutrition since the cost of living has increased. This greatly affects the low-income population, especially the children and the aged.
🛑An increase in the fraction of income spent on food.
This may result in insufficient income to meet up with other vital necessities like health care, education, entertainment, etc
🛑Fall in living standards
People can’t comfortably meet up with the standard of life they were accustomed to before the general hikes due to the fall in the value of money.
On the bright side of it, the food crisis might push some African leaders to invest more in agriculture and its development in Africa.
Africans greatly depend on the exportation of vital food supplies like wheat, barley, and maize.
An increase in production capacity might greatly reduce dependence on exports from countries like Ukraine.
Also, lots of youths are venturing into agriculture now, considering the fact that it used to be a low-paying job.
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