Rise in global food prices

Global food prices have reportedly jumped at their fastest monthly rate in over a decade.

This is according to the United Nations

The UN uses a broad index of global food costs, which have also climbed for 12 months in a row.

Reports say suppliers have been affected by disruptions to production, labour and transport, especially during the pandemic and concerns are growing about broader inflation and how higher grocery bills will impact the world’s economic recovery.

The UN Food and Agriculture Organization’s (FAO) food price index tracks prices around the world of a range of food including cereals, oilseeds, dairy products, meat and sugar.

On an annual basis, food prices were up 39.7 percent in May – the biggest month-on-month gain since October 2010.

All five components of the index rose, and these were championed by the surging cost of vegetable oils, grain and sugar amongst others.

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