Wednesday, December 1

Food prices have risen 32.8% in one year, the highest in 10 years, says FAO

The Food and Agriculture Organization of the United Nations (FAO) announced that world prices of food increased again in September in the face of a supply restriction and strong demand for commodities like wheat and palm oil.

The food price index increased 1.2% compared to August, to 130 points, and 32.8% in one yearsaid FAO.

With this, the indicator that measures the monthly variation of the international prices of a basic food basket is close to its maximum level of 137.6 points, which registered in February 2011.

In September, the FAO Cereal Price Index increased 2.0% from the previous month; Specifically, world wheat prices increased by almost 4% and became 41% higher than the previous year, due to the reduction in exportable availabilities in a situation of strong demand.

World prices for rice also increased in September, while those for maize experienced a moderate growth of 0.3%, representing a 38% average year-on-year increase.

“Among the major grains, wheat will be the focus of attention in the coming weeks as demand will need to be assessed in relation to rapidly rising prices,” said FAO Senior Economist Abdolreza Abbassian.

With regard to vegetable oils, the world price increased 1.7% in one month, to accumulate 60% in one year. The Palm oil reached “a maximum in ten years due to strong global demand and a shortage of migrant labor it affects production in Malaysia, ”FAO said.

The price index of the sugar increased 0.5% compared to the previous month and 53.5% compared to the previous year, due to adverse weather conditions and the increase in ethanol prices in Brazil, which is the world’s largest sugar exporter. Slower global import demand and good production prospects in India and Thailand curbed upward pressure.

The record production of cerThe end of 2021 is still below consumer needs.

Global cereal production in 2021 is expected to reach a historic record of 2.8 billion tonnes, although this is lower than projected consumption needs for the 2021/22 marketing year, according to new forecasts released today in the last FAO briefing note on supply and demand for cereals.

Regarding the FAO Meat Price Index, it remained practically unchanged in September compared to the previous month, although the YoY increase was 26.3%. The prices of sheep and bovine meat increased due to the shortage of supply, while those of poultry and pork meat fell due to the high volume of world supply in the former case and the decrease in demand. in the second in China and Europe.

You may also like:

Why the global price of food is higher today than it was during most of modern history

Bacon price soars to record levels and does not look like it will decline anytime soon

Difference between poverty and inflation

Leave a Reply

Your email address will not be published. Required fields are marked *