World food prices edging to all-time high

World food prices edging to all-time high

A new report by the Food and Agriculture Organization (FAO) of the United Nations showed that global food prices soared last month, led by a jump in vegetable oils and dairy. The index of prices, up by 1.1%, is edging closer to 2011’s all-time high, the research showed.

The fallout from an energy crisis, reduced export availability, and other supply-side constraints, especially labor shortages and unfavorable weather, have pushed prices higher, the FAO said.

The vegetable oils index surged 4.2% month-on-month in January to reach record levels. Quotations for all major oils rose, supported in part by rising crude oil prices. The dairy price index also increased 2.4%, its fifth consecutive monthly rise, with the steepest gains registered by skim milk powder and butter. The cereal price index was up just 0.1%, with maize posting a 3.8% gain on the month, according to the FAO.

Meat prices edged up in January, while the sugar price index decreased 3.1% from the previous month due partly to favorable production prospects in majorexporters India and Thailand, the report said. 

Meanwhile, world wheat prices dropped 3.1% on the back of large harvests in Australia and Argentina. “For 2022, global wheat plantings are expected to expand, buoyed by mostly conducive weather conditions in the northern hemisphere, although high input costs could deter a larger expansion,” the FAO said.

The UN body has raised its projection of global cereal production in 2021 to 2.793 billion tons from a previous estimate of 2.791 billion tons.

Higher food prices have contributed to a broader surge in inflation as economies recover from the Covid-19 crisis. The FAO has warned that higher costs are putting poorer populations at risk in countries reliant on imports.

For more stories on economy & finance visit RT's business section

Source: www.rt.com

The last notes - Экономика

most read news

#Экономика

Authorities in Warsaw have allowed citizens to forage for firewood in forests to keep their homes heated amid spiralling energy costs. Poland is in the midst of a coal shortage after banning Russian
подробнее...

If a fresh wave of government assistance is not released immediately, some 500,000 small businesses in the UK will go bankrupt within weeks, the chairman of the Federation of Small Businesses (FSB)
подробнее...

Russia has restricted the export of noble gases, including neon, in an apparent tit-for-tat response to the fifth round of sanctions imposed by the EU in April.The government decree, published on
подробнее...

India halted wheat exports this year in order to stop speculation in the grain market, Foreign Minister Subrahmanyam Jaishankar said at the GLOBSEC 2022 international security forum in Bratislava,
подробнее...

Global grain prices have fallen to April levels following Russian President Vladimir Putin’s promise to ensure the safe export of Ukrainian grain through Black Sea ports controlled by Russia.Wheat was
подробнее...

US technology firm IBM announced, on Tuesday, that it plans to pull out of the Russian market due to the conflict in Ukraine.The company's chief executive Arvind Krishna said in a statement: “Let me
подробнее...

The Biden administration might let more sanctioned Iranian oil flow into global markets in an attempt to rein in fuel prices at home amid the run-up to the midterm elections in the US, according to a
подробнее...

Ukraine is in discussions with the United States on purchasing and financing supplies of liquefied natural gas (LNG) instead of pipeline gas, which the country currently receives from EU states,
подробнее...

Gas flow from Germany to France has been halted, French gas transmission system operator GRTgaz reported on Friday, adding that the nation hadn’t received any natural gas from Russia via the pipeline
подробнее...

Authorities in Sri Lanka have suspended a court order that barred a civilian aircraft leased by the airline Aeroflot from returning to Russia, the local newspaper News First reports.An Airbus A330-343
подробнее...

The boss of Wall Street giant JPMorgan Chase, Jamie Dimon, has warned investors that the US is facing an economic “hurricane” as the latest challenges posed by the Fed’s tightening monetary policy and
подробнее...

The United States has accused the Kremlin of trying to profit from plundered Ukrainian grain by selling it to drought-stricken countries in Africa, the New York Times reported on Sunday.According to
подробнее...

US gasoline prices have once again refreshed all-time highs, reaching $4.81 per gallon on Saturday morning.According to data from the non-profit American Automobile Association (AAA), which tracks
подробнее...

Many of the currently existing 19,000 cryptocurrencies will disappear in the coming years, several industry experts told CNBC, comparing the market to the early dotcom days. According to the report on
подробнее...

A shortage of cigarette packaging paper could affect smokers in Germany, with some brands almost impossible to find in retail stores, Bild newspaper reported on Friday.According to the paper, one of
подробнее...

Business relations between the US and Russia have been damaged over the past months due to the conflict in Ukraine, and it may take years to rebuild the links between the two countries, US Ambassador
подробнее...

The authorities in Sri Lanka have grounded a civilian aircraft belonging to Russian carrier Aeroflot, and seized the plane, local newspaper News First reported on Friday.The Colombo High Commercial
подробнее...

The losses of international companies from Western sanctions on Russia have exceeded $59 billion, the Wall Street Journal reported on Friday, citing data from public statements and securities
подробнее...