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.
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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 decreased. Dairy prices showed a 1.5% increase due to increased global demand and seasonal factors, including higher prices for butter. Prices for meat products have not changed. The sugar price index rose slightly by 0.6% compared to August, or 53.5% against last year's prices. In particular, the cost of production was affected due to high ethanol prices in the largest sugar-exporting country, Brazil. Growth has softened production prospects in ...
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