The true cost of food is far higher than what you spend at the checkout counter

illuminem summarizes for you the essential news of the day. Read the full piece on The Conversation or enjoy below:

🗞️ Driving the news: Retail food price inflation is showing signs of slowing down, offering relief to consumers, particularly those in low-income households
• However, a deeper look into the agrifood system reveals hidden costs far exceeding what's paid at the store, driven by environmental, health, and social impacts

🔭 The context: The United Nations Food and Agriculture Organization's SOFA 2023 report uses true cost accounting to reveal that the global agrifood system's costs in 2020 were up to US$12.7 trillion more than retail prices, highlighting significant externalities not accounted for in traditional pricing

🌍 Why it matters for the planet: Environmental costs, such as nitrogen runoff, ammonia emissions, deforestation, and methane production from food waste, constitute a significant portion of the hidden costs, emphasizing the urgent need for sustainable practices in food production and consumption

⏭️ What's next: True cost accounting presents an opportunity for reevaluating and redirecting agricultural subsidies towards more sustainable, equitable, and efficient production methods
• This shift could reduce the hidden costs of food production and support a transition to practices that offer net-positive benefits for the environment and society

💬 One quote: "A true cost accounting approach can illuminate the need for multidimensional solutions," - Director, Swette Center for Sustainable Food Systems at Arizona State University.

📈 One stat: The global cost of the agrifood system in 2020 was up to $12.7 trillion more than what consumers paid, equivalent to about 10% of global GDP or $5 per person per day worldwide.

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