two French NGOs call for the fight against food speculation

Recalling that the price of wheat has almost doubled since the beginning of the year, they believe, quoting the UN special rapporteur on human rights and extreme poverty, Olivier De Schutter, that “the panic which takes over the markets is + the real cause + of the rise in prices”.

Against “hunger profiteers”

“Two major agricultural investment funds have already invested nearly $1.2 billion in 2022, which is six times more than in all of 2021,” they say, calling “for strict regulation of speculation on foodstuffs” in the run-up to the G7 summit to be held from 26 to 28 June in Germany.

“The G7 member states must take strong measures to prevent these + hunger profiteers + from cracking down! “, said Jean-François Dubost, director of advocacy at CCFD-Terre solidaire, quoted in the press release.

“Stock market investors are getting rich betting on maize and wheat, while people in countries like Yemen and Ethiopia can no longer afford basic foodstuffs. These bets at the expense of the poorest must stop”, insisted Karine Jacquemart, general manager of Foodwatch France.

The NGOs are launching a petition, directly addressed to the members of the G7, to ask them “to introduce strict limits for speculative transactions on food commodities”.

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