In an exciting development for the True Price Foundation, the Food and Agriculture Organization (FAO) recently unveiled its highly anticipated State of Food and Agriculture in the World (SOFA) report for 2023. The SOFA report focuses on the hidden costs of food production and consumption.  

The release of the SOFA 2023 report marks a significant milestone for the True Price movement, underscoring the increasing recognition of its vision and methodologies on a global scale. We take immense pride in the invaluable contributions made by our colleagues at the Impact Economy Foundation (IEF), who have played a pivotal role in shaping the background paper that accompanies the SOFA 2023 report. Moreover, this background paper builds upon an array of previous True Price publications, offering insights on how to accurately assess the true costs associated with specific impacts within the agrifood system. 

At the heart of the SOFA 2023 report is the concept of true cost accounting (TCA), an approach designed to measure and value the costs and benefits generated by agrifood systems. TCA serves as a vital framework for making more informed and sustainable decisions within the food industry. 

The background paper also builds on a prior Nature Food publication, which discussed the differences and commonalities between various TCA approaches. It also outlines the stages and steps required to conduct a TCA study, providing a comprehensive resource for those interested in the field. With the release of the SOFA 2023 report and the growing recognition of true cost accounting, the True Price Foundation is dedicated to ensuring that policymakers, businesses, and all stakeholders gain access to the insights needed to understand the genuine price of products and services within the agrifood system. 

As we move forward, we are committed to further engagement in this field. Our goal is to ensure that all actors can make more informed decisions that take into account the hidden costs associated with our food systems.  

Read the SOFA report 2023 here.

Are you working in the food sector and are interested in integrating true pricing? The Global Partnership on True Price of Food is a coalition that aims to make healthy, sustainable, and affordable food accessible to all through true pricing. Click here to sign up and learn more about how to get involved.

Join our Global Partnership on the True Price of Food, where we continue expanding our efforts to create a more sustainable and equitable food system!