Find out what impact has food had on global inflation due to Covid19.

Learning Goal: I’m working on a economics discussion question and need an explanation and answer to help me learn.Background/problemFood security has continuously been one of the most critical issues. Covid19 indirectly causes broken chains of international trade, further exacerbates and highlights the weakness in food security in different countries. Objective/aimCompare food efficiency and food security for different countries.
Find out what impact has food had on global inflation due to Covid19.
Method/designThe paper summarizes and analyzes Global food security indexes of various countries prior to Covid19 to identify the main weaknesses of the food security system. DEA is also conducted to assess the use of countries’ resources and efficiency rates. Finally, the paper analyzes the US Consumer Price Index to find out changes in trends of consumer expenditure behaviors since Covid19 to distinguish food inflation rates in comparison to other consumable categories. US Covid consumption baskets are also compared with 16 other countries to better understand inflation and consumer behaviors of food consumptions worldwide. Results/findingsExpenditure in food security is more efficient in low-income countries. Consumers spend relatively more on food consumptions compared to other categories. Inflation is most significant in food and energy prices. Conclusion/discussionMany countries still have lots of potential for growing efficiency to improve food security. While the Inflation rate has increased at a significantly fast pace worldwide since covid19, it is mainly due to food and energy prices. Perhaps, many other consumer categories are in fact experiencing significant deflation. This can lead to further inequalities between industries, countries, and eventually households. KeywordsFood insecurity, Inflation, DEA, Global food security indexes, inequalities, food resources
Requirements: 75 words

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