Friday, February 3, 2017

World food prices on the rise

The cost of food around the world is at its highest point in two years, as measured by the United Nations’ Food and Agriculture Organization’s Food Price Index.

The index measures monthly prices on international markets for selected foods. It rose to 173.8 points in January, up 3.7 points (by 2.1 percent) from the revised December value, the FAO said in a news release.

It’s the highest since February 2015 and as much as 24.5 points (16.4 percent) above its level in the corresponding period last year.

But the surge in prices is not being driven by meat, as has often been the case in the past. In fact, the FAO Meat Price Index averaged 156.7 points in January, almost unchanged from its revised value for December.

Increases in beef prices were offset by drops in the cost of lamb and mutton, as well as poultry and pork.