Tracking and Predicting Food Price Increases
What is it about?
Rising food prices can quickly make it hard for people in poorer countries to afford enough food. To help with this, we've created two tools. The first tool is a model that estimates food price increases up to the current month. The second tool is a daily monitor that checks if basic food prices are rising too fast. These tools provide quick information to help decision-makers act swiftly, especially during emergencies. We gather daily food prices from the public and information from newspaper articles. Our system covers 225 countries and regions, giving a global view of food prices. The results are easy to access every day through an online dashboard.
Why is it important?
It is important because rising food prices can quickly lead to food insecurity, especially in poorer countries where people already spend a large part of their income on food. If prices go up too much, many families may struggle to afford basic necessities. By providing timely and accurate information on food prices, our tools help decision-makers take swift action to prevent or mitigate food shortages. This can make a big difference in ensuring that vulnerable populations have enough to eat, particularly during crises.