SOWING PROSPERITY: ANALYZING THE LINKAGES BETWEEN FOOD PRICES AND CONOMIC WELL-BEING IN SUB-SAHARAN AFRICA

Abstract

The escalation in prices of key commodities such as cereals, oilseeds, dairy products, and meat on the global stage has become a pressing concern, posing significant challenges to food security and household welfare. From 2002 to 2013, the Food Price Index (FPI) witnessed a substantial surge, soaring from 89.6 to 209.8, marking the highest rate of increase since the inception of the United Nations' Food and Agriculture Organization (FAO) Food Price Index in 1990 (FAO, 2014). This rapid upward trajectory in food prices, if sustained, holds the potential to exert adverse effects on household incomes and overall welfare. This study addresses the critical issue of rising global food prices and its implications for the well-being of individuals and communities. The surge in the FPI underscores a fundamental shift in the dynamics of food markets, warranting a comprehensive analysis of its ramifications on income distribution, poverty levels, and the broader socio-economic landscape. The sustained elevation of food prices has the potential to exacerbate existing inequalities and disrupt the fragile equilibrium of household budgets, particularly in regions where food constitutes a significant portion of daily expenditures. The research seeks to unravel the multifaceted impacts of soaring food prices, examining the potential threats to income stability and overall welfare. By delving into the implications of the unprecedented rise in the FPI, the study aims to contribute valuable insights to the ongoing discourse on global food security and the need for effective policy interventions to safeguard the well-being of vulnerable populations.