World food prices hit highest level in more than a decade

World food prices hit highest level in more than a decade

The UN barometer of world food prices has surged to a new peak, reaching its highest level since July 2011, the UN Food and Agriculture Organization (FAO) announced. The FAO Food Price Index, which tracks the international prices of a basket of food?commodities, is up 3.9 percent from September, rising for a third consecutive month. Cereal prices overall increased by 3.2 percent, with wheat rising five percent, due to reduced harvests in major exporting nations, including Canada, Russia and the US. Prices?of all other major cereals also increased. The vegetable oil index went up 9.6 percent, hitting an all-time high, and dairy rose by 2.6 points, with increased demand for butter, skimmed milk powder and whole milk powder, as buyers try to replenish low stocks. By contrast, cheese prices remained stable. For the third consecutive month, the meat index declined, amid reduced purchases of pork products from China, and a sharp decline in beef from Brazil. Poultry and sheep prices rose. After six consecutive monthly increases, sugar prices also dropped, by 1.8 percent, amidst limited global demand and large surpluses for export. Compared to last year, global cereal production for 2021, is anticipated to increase and reach a new record