Global food prices have been at their highest level in nearly a decade in May, soaring 40 per cent above prices a year ago, the UN Food and Agriculture Organization (FAO) has said.
- The global food brand index for May stood at 127.1 points, the highest it has been since 2011
- Vegetable oils, sugar and cereals have led to the index rise
- Food safety fears from the COVID-19 pandemic have also led to the upward push in food prices
The FAO’s food brand index has now risen for 12 consecutive months to reach its highest value since September 2011, driven by the rising prices of vegetable oils, sugar and cereals.
Prices rose by 4.8 per cent from April — the fastest month-on-month gain since October 2010 — and by nearly 40 per cent compared with May 2020.
The index stood at 127.1 points in May, best seemingly 7.6 per cent from its peak value in February 2011, the FAO said.
The sharp rise in food prices also comes as the COVID-19 pandemic has thrown thousands and thousands out of labor, adding to food safety fears that have been already high as a end result of conflicts and climate change.
The FAO eminent that “world cereal manufacturing is heading in the true path to reach a recent list high.”
In a separate document, the FAO said it anticipated a 1.9 per cent increase in the manufacturing of cereals this year to a list 2.82 million tonnes.
Despite the increase, it said the global ratio of food shares to make use of was anticipated to decline to 28.1 per cent.