Global food prices continue to rise

The global increase in food prices that affects consumers around the world does not show any signs of slowing down.

Even though grain prices have taken a breather due to good crop prospects, the United Nations estimate of global food costs rose in March to its highest level since 2014.

Growth last month was driven by a sharp increase in demand for vegetable oils amid stronger demand and limited stocks.

Food prices are in their longest rise in more than a decade amid a pickup in China’s harvest and shrinking supplies of many staples, threatening higher inflation.

This is especially noticeable in some of the poorest import-dependent countries that have limited safety nets and purchasing power and are struggling with the Covid-19 pandemic.

The FAO Food Price Index is up 2.1% compared to February. Vegetable oil prices jumped 8% to their highest level since June 2011. Prices for meat and dairy products rose on demand in Asia.

Grain prices recently climbed to multi-year highs as China imports huge volumes to feed its herds of pigs that are recovering from the deadly virus.

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