The Food Price Spikes of 2008/09 and 2010/11: Country-Level Impacts and Policy Responses in Africa Pedro Conceição, Sebastian Levine and Zuzana Brixiova.

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Presentation transcript:

The Food Price Spikes of 2008/09 and 2010/11: Country-Level Impacts and Policy Responses in Africa Pedro Conceição, Sebastian Levine and Zuzana Brixiova African Economic Conference Addis Ababa, October 2011

Overview Background Conceptual framework Impacts and vulnerabilities Policy responses Conclusions

Background – some stylized facts

Differences between the two price spikes 1.Type and number of commodities affected 2. Limited pass-through of global to local prices in 2010/11 relative to 2007/08 3.Varied policy responses Reduced fiscal space after the global financial crisis limited macro policy responses in 2010/11

Conceptual framework

Conceptual framework (cont.)

Impact: Food price vulnerability

Impact: Price pass through

Impact: Consumer prices

Impact: Household welfare

Policy responses – Monetary policy

Policy responses – Survey of RMCs In 2011, UNDP RBA conducted a survey of national policy responses through its country offices; Total of 33 countries included in responses Policy responses adopted by SSA countries in 2007/08 and 2010/2011 are classified according to: overall type (macro, micro/social at the household, level and structural/sectoral) channels by which they operate (supply/demand), likely timing of their impact (short vs. long term).

Policy responses – 2007/08 vs. 2010/11

Policy responses (% of SSA sub-groups) Market (macro) interventions, by SSA sub-groups (% of countries) Structural and sectoral measures, by SSA sub-groups (% of countries)

Conclusions Similarities between the two price spikes in 2007/08 and 2010/11. Key differences: Different commodities affected, limited pass-through, different policy responses. Between African countries also significant heterogeneity reflecting differences in exposure, vulnerability, policy space and coping strategies.

Conclusions (cont.) Invest in agriculture, raise productivity and mitigate impacts of climate change Facilitate supply responses, deepen markets (cross-border trade, RD, infrastructure) National and regional policy coordination (both on structural – reserves – and macro policies) Social protection to build resilience and raise productivity Reduce domestic market volatility (credit, storage, insurance, commodity exchanges)