Global food prices rose in May at their fastest monthly rate in more than a decade even as world cereal production is on course to reach a new record high, the Food and Agriculture Organisation (FAO) of the United Nations reported on Thursday.
India Business News: NEW DELHI: Global food prices rose in May at their fastest monthly rate in more than a decade, even as world cereal production is on course to reach a.
Global food prices rise at rapid pace in May
Global food prices rose in May at their fastest monthly rate in more than a decade, even as world cereal production is on course to reach a new record high, the Food and Agriculture Organization of the United Nations (FAO) reported yesterday.
The FAO Food Price Index averaged 127.1 points in May, 4.8 percent higher than in April and 39.7 percent higher than in May 2020.
A surge in the international prices of vegetable oils, sugar and cereals led the increase in the index, which tracks monthly changes in the international prices of commonly-traded food commodities, to its highest value since September 2011 and only 7.6 percent below its all-time peak in nominal terms.