World food prices are rising at a record high

Published 2021년 10월 8일

Tridge summary

The Food and Agriculture Organization of the United Nations (FAO) has reported a 1.2% increase in world food prices in September compared to August, with the overall Food Price Index at 130 points in September 2021, showing a year-on-year increase of 32.8%. The rise in prices is due to high demand for grain, particularly wheat, and increased prices for vegetable oil, dairy, and sugar. Despite expected record high world grain production in 2021, the FAO anticipates that the production volumes may not be sufficient to meet the expected consumption needs in the 2021/22 marketing season.

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Original content

World food prices continue to rise, with products rising by 1.2% in September compared to August. This was reported by the Food and Agriculture Organization of the United Nations (FAO), reports Economic Truth. Thus, the overall Food Price Index was 130 points in September 2021, which is 1.2% higher than in August. It also shows an increase in prices by 32.8% year on year. The grain price index rose by 2% in September compared to August. In particular, world wheat prices continued to rise and added 4%. This is 41% higher than last year and is caused by high demand for products. Also, corn prices increased by 3% (by 38% year on year) against the background of improved harvest forecasts in the United States and Ukraine. Vegetable oil prices rose by 1.7% in September, but by 60% year on year. World palm oil prices are reaching ten-year highs due to strong demand and labor shortages in Malaysia. Prices for rapeseed oil also increased, while prices for sunflower and soybean oil ...

Source: Agropolit