Global food prices reach record high

Global food prices reach record high

(MENAFN- Newsroom Panama) Global food costs skyrocketed last month, to a record high adding more inflationary pressure on consumers and governments. The United Nations index that tracks staples from wheat to vegetable oils rose 3% to a new decade-long high in October, threatening to drive up food costs for households that have already been growing affected by the pandemic. That could also heighten central bank concerns about inflation and the risks of worsening world hunger, which is at a multi-year high. This year, bad weather affected crops around the world, transportation costs skyrocketed, and labor shortages have affected the food supply chain from farms to supermarkets. The energy crisis has also had negative effects and has forced vegetable greenhouses to darken and threatens to raise the prices of agricultural fertilizers. "The issue with inputs and fertilizers and its implications for next year's harvest is a concern," said Abdolreza Abbassian, senior economist at the Food and Agriculture Organization of the United Nations. "By now, the market has taken most of the supply and demand issues into account. But the market has by no means taken into account the production prospects for next year". Some regions are likely to continue to face