'Uncertainty of Black Sea Grain Initiative is causing the prices to rise again'- Council's Briefing

Rebeca Grynspan, the Secretary-General of the UN Conference on Trade and Development (UNCTAD), also briefed the Council, noting that “the FAO Food Price Index has declined for six months in a row by about 16 percent”. According to World Bank models, Grynspan explained, “this decline may have prevented over one hundred million people from falling into poverty.” The UNCTAD chief noted, however, that “uncertainty of the continuation of the Black Sea Grain Initiative is now causing the prices to rise again.” Just today, she added, “wheat futures have risen by over 6 percent.” Grynspan also warned that “today’s crisis of affordability may become tomorrow’s crisis of availability of huge proportions.”


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