Forum for the Future of Agriculture: Measuring the true cost of what we eat

What is the real value of food? What are the challenges for making food more sustainable in the future? What are the true food price mechanisms and what is the role of governments, investors and consumers? These were some of the questions asked during a session of the annual Forum for the Future of Agriculture (FFA), which took place, in hybrid form, in Brussels and online.

FAO Chief Economist Máximo Torero gave a keynote address on food price mechanisms, at the event that was moderated by the BBC’s Stephen Sackur. Torero referred to several economic parameters and variables that impact the price of what we eat. “Measuring the sustainable value of food requires a lot of information. Very few countries have an accurate measuring system to acquire this information,” he told the audience.

Torero was joined by Pavan Sukhdev, an Indian environmental economist who shared his perspective on the challenges facing today’s agrifood systems and stressed that the “achievement of all the Sustainable Development Goals will strongly depend on the sustainable management of food systems”.

Both keynote speakers agreed on the importance of having a commonly accepted framework that enables the measurement of all factors involved in food systems. The FAO Chief Economist pointed out that a better understanding of these factors would make it easier to introduce stronger evidence-based policies, modify regulatory frameworks and realign incentives. ” These changes should not necessarily translate into higher food costs,” he commented.

The Forum for the Future of Agriculture is an annual gathering that has been held in Brussels since 2008 and has contributed to the global debate on agriculture and the environment.

The recording of the address by FAO Chief Economist Máximo Torero is available here.