ClaimsNouriel Roubini

“Food prices were already spiking before the invasion because you have desertification of lots of parts of the world, and therefore the food supply is limited.”

Nouriel Roubini, interviewee 3 January 2023 Storm Clouds Looming: Q&A With Nouriel Roubini (Global Finance Magazine)

Factual Economics and markets

Food prices were already spiking before the invasion because desertification in many parts of the world limits the food supply.

Mostly false False in substance, right in a detail.

Factual: Statements about the present or the past, checked against the record: did they hold up?

What would count as true or false

The claim has two parts: (a) global food prices were already rising sharply before Russia invaded Ukraine on 24 February 2022, and (b) the cause was desertification limiting food supply. True: FAO Food Price Index or similar data show a sharp rise from 2020 to early 2022, and authoritative analyses (FAO, World Bank, IFPRI, UNCCD) name desertification or land degradation as a principal driver of that rise. Mostly true: prices rose sharply before the invasion, and climate-related drought, desertification or land degradation is recognised as a significant contributing driver, though alongside others such as pandemic supply disruption, energy and fertiliser costs, and demand. Mostly false: prices did rise sharply before the invasion, but the analyses attribute the rise mainly to other factors and treat desertification as a negligible or unrecognised driver of the 2020–22 rise. False: food prices were not rising notably before the invasion.

Set before the research began.

Evidence (4)

  1. E1 COVID-19 and rising global food prices: What's really happening? IFPRI · 11 February 2022

    “Food prices are skyrocketing around the world. In January, international prices for major food items climbed to a level near the heights of the global food price crises of 2007-08 and 2010-11, according to the FAO Food Price Index (Figure 1).”
  2. E2 COVID-19 and rising global food prices: What's really happening? IFPRI · 11 February 2022

    “The 2021 surge in food prices is largely associated with the recovery in food demand from the global COVID-19 recession and temporary disruptions in logistics, rather than with severe food supply disruptions or continued trade restrictions.”
  3. E3 IFPRI and CGIAR at Borlaug Dialogue 2023: Food system repercussions of the Russia-Ukraine war IFPRI · 14 December 2023

    “As shown in Figure 1, energy, fertilizer, and food prices were already rising due to various shocks before the February 2022 Russian invasion, then soared in the following months.”
  4. E4 ZEF-Discussion Papers on Development Policy No. 339: The Changing Drivers of Food Inflation – Macroeconomics, Inflation, and War Center for Development Research (ZEF), University of Bonn · February 2024

    “A series of extreme climatic events in 2021-2022 also reduced production of some agricultural products.”

Reasoning

IFPRI shows that food prices rose sharply before the February 2022 invasion. By January 2022 international food prices were near the peaks of the 2007-08 and 2010-11 crises (E1), and prices were 'already rising due to various shocks' before the invasion (E3). On the cause, IFPRI attributes the 2021 surge mainly to recovering demand after the COVID-19 recession and to temporary logistics disruptions, 'rather than with severe food supply disruptions' (E2). A university paper says a series of extreme climatic events in 2021-2022 reduced production of some agricultural products (E4). None of the analyses names desertification as a driver. The first part of the claim holds, but its stated cause is not supported, which fits the criteria for mostly false.

Cite this claim

Nouriel Roubini, “Food prices were already spiking before the invasion because desertification in many parts of the world limits the food supply.” (said 3 January 2023). Verdict: mostly false. Reliability API, claim c_4c45c335e8bf, method 0.1.0+c876030c, dataset release v1.1.2. https://epistacklabs.com/claims/c_4c45c335e8bf

This claim is in dataset release v1.1.2, with the same verdict.

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More factual claims by Nouriel Roubini

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  3. Mixed Factual 3 January 2023
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    Tech-related stocks, as long-duration assets, are hit by rising interest rates more than shorter-duration assets.

  4. Mostly true Factual 3 January 2023
    “All the zombie institutions that survived before because we had negative [interest] rates, quantitative easing [and] credit easing, now face rising debt servicing ratios.”

    All the zombie institutions that survived because of negative interest rates, quantitative easing and credit easing now face rising debt servicing ratios.

  5. Mostly true Factual 3 January 2023
    “That buildup of excessive and toxic corporate debt became even more extreme after Covid-19.”

    Corporate debt and shadow bank lending to companies built up over the last 10 to 15 years, and became even more extreme after Covid-19.

All of them

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