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Global food prices hit historic highs

Published Nov 5, 2021

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Each month, the Food and Agriculture Organization of the United Nations (FAO) publishes a food price index based on international prices for a basket of basic commodities. In October 2021, the index broke its all-time high, which dated back to 2011. The grain index has never been as high as since November 2012. FAO cites tight supplies on world markets due to reduced harvests in major exporting countries, in particular Canada, United States of America. America and the Russian Federation, The vegetable oil price index also broke its all-time high, mainly due to stronger prices for palm, soybean, sunflower and rapeseed oils, but also higher crude oil prices. The dairy product price index reached its 2nd highest level over the last twelve months but without breaking its record, which dates back to 2013. The seasonal drop in supply, low stocks in Europe and the slower start than forecast for the new production season in Oceania have also supported world milk prices. In contrast, ...
Source: Pleinchamp
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