World food prices at record high levels

Published 2022년 1월 4일

Tridge summary

Global food prices have reached their highest level since June 2011, driven by poor growing conditions and increased logistics and fertiliser costs. This situation is expected to benefit Australian agricultural exporters due to high international prices and tight global supply. Meanwhile, some countries are considering reducing tariffs or imposing export restrictions to protect local consumers. The Food and Agriculture Organization of the United Nations (FAO) Food Price Index has seen a significant increase since January 2020, with every commodity in the index experiencing a price rise. The article suggests that exporters should monitor government policies to capitalise on opportunities, as changes may make Australian products more competitive or increase global food prices.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

4 January 2022 Global food prices have risen to their highest level since June 2011. Price rises are being driven by poor growing conditions in some production regions. Steep increases in logistics and fertiliser costs worldwide are also leading to higher prices. Favourable seasonal conditions have returned to much of Australia in 2020–21. This means Australian agricultural exporters are well placed to benefit from high international prices and tight global supply. Several countries have, or are considering, reducing tariffs or imposing export restrictions. This move aims to protect local consumers from rising and volatile food prices. Reduced tariffs make imported products, including products from Australia, more competitive. Export restrictions could further increase global food prices by reducing food supplies available for trade. Australian exporters should monitor announcements from trading partner governments to capitalise on emerging opportunities. The Food and Agriculture ...

Source: Austrade