RECORD INCREASE IN FOOD PRICES IN FEBRUARY

  • 05/03/2022

The Food and Agriculture Organization of the United Nations said that food prices worldwide hit a record high in February and jumped 24.1 percent year on year, led by vegetable oils and dairy products.

The Food and Agriculture Organization (FAO) Food Price Index, which tracks the world's most traded food commodities, averaged 140.7 points in February, compared to 135.4 in January.

The rise in food prices contributed to increasing inflation as economies recovered from the Corona virus crisis, while the organization warns that high costs put the poorest populations at risk in countries that depend on imports.

The Rome-based organization also released its first forecast for cereal production in 2022, and sees global wheat production rising to 790 million tons from 775.4 million in 2021.

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