World market prices for food have exploded to unprecedented levels in more than a decade

Global food prices soared again in October and are already rising to a level not reached since July 2011, according to a new report by the Food and Agriculture Organization of the United Nations (FAO), which regularly reviews the cost of the basic food basket .

The agency set the average price index in October at 133.2 points, 3.9 points more than in September – 3 percent more – and 31.8 points more than in the previous year, which corresponds to an increase of 31.3 percent compared to the previous year .

Vegetable oils (+9.6 percent in a month) and grains (+3.6 percent) contributed to the October data rising for the third month in a row. Only wheat has shot up by 5 percent annually, mainly due to the lower harvests in the most important export centers.

World market prices for food have exploded to unprecedented levels in more than a decade
World market prices for food have exploded to unprecedented levels in more than a decade

The FAO expects 2021 to close with a record world grain production of 2,793 million tons, but expects world reserves to drop by eight tenths to 819 million tons after the 2022 season.

Also compared to other products, the average price of dairy products has risen by 2.6 percent since September, while other products such as meat or sugar have fallen by 0.7 and 1.8 percent respectively.

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