Global Food Prices witness continuous rise
According to the Food and Agriculture Organization of the United Nations (FAO), global food prices rose for the ninth consecutive month in February, with sugar and vegetable oil leading six-year highs.
The agency said its food price index rose 2.4 percent month-on-month to 116.0 points in February. This gauge, which detects monthly changes in international prices of commonly traded food items, is 26.5% higher than a year ago.
The latest increase since the end of the food crisis in 2007-08 has led to the longest increase in total food costs. According to the FAO, sugar prices rose the most since January, rising 6.4 percent from January. The agency’s sugar price index rose for the second month in a row, reaching its highest level in nearly four years.
Meanwhile, vegetable oil prices have grown at almost the same rate, reaching their highest level since April 2012. Well-known exporters of palm, soybean, rape and sunflower seed oil have lower than expected production prospects due to a number of factors, including concerns over low inventory levels, this year.
Experts said high international prices could really exacerbate the economic woes caused by the epidemic.
There have been more productive in many countries, but it also caused an increase in import requirements. Experts have termed it the real concern with the recent gains, in wake of rising in international food prices.
? Global #foodprices rose for the ninth consecutive month in Feb, with quotations for sugar & vegetable oils increasing the most.
Early estimate for 2021 wheat output are positive but 45 countries need external assistance for food.
More: https://t.co/ESuDuAsERz pic.twitter.com/SWRtaEXBUA
— FAO Newsroom (@FAOnews) March 4, 2021
According to the official, high production in some countries is not enough to meet the import needs of other states. According to the FAO’s estimates, conflicts, climate-related shocks and the outbreak of the Coyote 19 outbreak have affected some 45 countries, including 34 in Africa and nine in Asia.
