Sharon Keogan (Independent) | Oireachtas source

I would like the Ministers for Finance and Agriculture, Food and the Marine to come to the House for a debate about what Ireland is doing to prepare for a possible recession. Economists have for months now been warning of the prospect of a recession in late 2022, an assertion echoed earlier this month by the UK's National Institute for Economic and Social Research. The chief executive of Citigroup, one of the world's largest banks, said on Monday that she believes Europe is sliding into recession as it grapples with the consequences of war in Ukraine and a resulting spike in energy prices.

Headline inflation in the eurozone hit an all-time high of 7.4% in April, even by measures which account for volatile food and energy prices, which still point to inflation far exceeding the ECB's 2% target. We do not need to be reminded of the role that is played in the global financial markets by the economy of the United States. Much will depend in coming months on how the US Federal Reserve conducts its rate-hiking strategy as inflation soars even higher. Wall Street has been voicing its concerns for months. Since the 1940s, every time inflation has exceeded 5%, a recession has soon followed.

There are, of course, things in life which matter more than money. At a material level, money often buys us the essentials of clothes, food and shelter. Shortages in those materials are more immediately noticeable than percentage point downturns in GDP. While many a debate has been had in this House on our shortage of shelter, food could be worth keeping an eye on.

The economic forum in Davos, Switzerland, heard on Monday that the anxiety about access to food at a reasonable price globally is hitting the roof. We were warned of the spectre of global food shortages in the coming months. The UN estimates that in the past year, global food prices have risen by almost one third, fertiliser by more than half and oil prices by almost two thirds. Globally, more than 500,000 people are experiencing famine conditions, an increase of more than 500% since 2016.

Today's Ireland is highly interconnected and heavily interdependent. No longer does each household have a potato or cabbage patch. The supermarket shelves are the sole source of food for most of our population. A discussion on national food security could reveal some steps we should be taking. We need regular updates from both Ministers on these pressing matters.