Food Prices Hit 6-year High Around The World: UN

Aizbah KhanWeb Editor

04th Dec, 2020. 07:39 pm
Food Prices Hit 6-year High Around The World: UN

The United Nations Food and Agriculture Organization (FAO) says global food prices rose sharply in November to nearly six-year highs due to bad weather.

According to the details, the Food and Agriculture Organization (FAO) said that the prices of globally traded food items are rising, especially in 45 countries which are under additional pressure to feed their people. External help is needed.

The FAO Food Price Index gained an average of 105 points this month, up 3.9 per cent from October and 6.5 per cent from a year earlier.

The Rome-based agency said that the monthly increase has been the highest since July 2012 and the index is at its highest level since December 2014.

The biggest increase was in the vegetable oil price index, which rose 14.5% due to low palm oil reserves.

The serial price index rose 2.5 per cent from October, up from about 20 per cent a year earlier.

The FAO said that export prices of wheat have also risen due to a drop in production in Argentina, while corn prices have also risen due to lower production in the United States and Ukraine and large purchases from China.

The sugar price index also rose 3.3 per cent from a month earlier, amid “increasing prospects for a decline in global production” due to bad weather in Russia, Thailand and Europe.

Prices of dairy products also rose by 0.9 per cent to an 18-month high on increased sales in Europe.

According to the report, meat prices have risen 0.9 per cent since October, but have fallen sharply since a year ago.

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