Global Food Prices Rise Again, Hitting New Decade High

Sharing is Caring!

Global food inflation continues to rise for the fourth consecutive month in November, reaching levels not seen in a decade, led mainly by robust demand for wheat and dairy products, according to a new report via the Food and Agriculture Organization of the United Nations (FAO).

See also  Dollar Tree customers say the decision to raise most prices to $1.25 left them feeling 'sick to their stomachs'

FAO’s food price index, which tracks monthly changes in the international prices of food commodities, rose 1.2% to 134.4 in November from October, driven by continued demand for food. The index is up 27.3% YoY.

Food prices remain at a decade high and have risen sharply since the beginning of the pandemic, driven by snarled supply chains, harvest setbacks, soaring farm costs, and high demand.

See also  Bulls are 100% confident this time will be different since it's the first year in the past decade without a Fed safety net.

Last month, increases in grains, dairy, and sugar were the primary driver in FAO’s food price index. Laggards were meat and vegetable oil.

www.zerohedge.com/commodities/global-food-prices-rise-again-hitting-new-decade-high

364 views

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.