NEW DELHI: Food and Agricultural Organisation, the United Nations Food Agency, released food price index on Thursday, October 7, which traces international prices of the most globally traded food commodities. It found the average at 130.0 points last month, which is the highest rating since September 2011.
The Index established that global food prices rose for a second consecutive month in September. The price point reached a 10-year peak driven by gains for cereals and vegetable oils. On a year-on-year basis, prices reported to be up by 32.8% in September. The Index noted that due to harvest setbacks and Chinese demand, agricultural commodity prices have risen steeply in the past year.
The FAO’s cereal price index rose by 2% in September in comparison to previous months. Owing to tightening export availabilities amid strong demand, wheat prices witnessed near 4% increase. Global sugar prices also reported rise by 0.5% in September. Global cereal stocks were expected to ease in 2021/22, but FAO said that it would still be at a comfortable level.