Thursday, November 5, 2020

World food prices continue to climb

World food prices increased for the fifth month in a row, hitting 100.9 on a measurement used by the Food and Agriculture Organization (FAO) of the United Nations.

The index is now the highest since January.

The agency’s cereal price index went up by 7.2% per cent in October from the month before, and by 16.5 per cent from a year earlier.

Wheat export prices were pushed higher by shrinking supplies, while corn hit six-year highs, lifted by strong demand from China. Feed barley also rose, but rice declined to a seven-month low.

The dairy index went up by 2.2 per cent on the month, with all segments gaining with cheese in the lead.

The vegetable oil price index went up by 1.8 per cent.

The meat index declined by a half a per cent, continuing a nine-month decline. It now stands 10.7 per cent below the same month last year.