While the media has been focusing on looming potential global crises — a peak in oil production, shortages of potable water, threat of escalating war(s), and myriad effects of global warming — a more urgent problem has been simmering: a global food shortage.

The alarm bell has now been sounded by Jacques Diouf, head of the UN Food and Agriculture Organization, who said there is a “very serious risk that fewer people will be able to get food” as prices soar and supplies dwindle.

From the International Herald Tribune:

“World wheat stores declined 11 percent this year, to the lowest level since 1980. That corresponds to 12 weeks of the world’s total consumption - much less than the average of 18 weeks consumption in storage during the period 2000-2005. There are only 8 weeks of corn left, down from 11 weeks in the earlier period.”

Global inflation is accelerating, meantime, and that has spurred investors to buy grains and other commodities as a store of value, reports Bloomberg news. Wheat for March delivery reached a record $10.095 a bushel yesterday.

The problems are all interrelated. Higher oil prices add to food distribution costs, for example. Climate change has already contributed to crop declines. Behind it all is the growing global population, which puts more demands on the planet for all these resources. One odd pressure, according to the Herald Tribune article: More grain is being diverted “to feed cattle as the population of upwardly mobile meat-eaters grows.”

Don’t expect the oil part of the equation to get any better. As demand in China and India soars, one study suggest production could peak as early as 2008.