The Food and Agriculture Organization of the United Nations (FAO) said on 7 December last year, global food prices continued to soar, the seventh consecutive month higher, because in addition to sugar, the main agricultural products all price increases.
The FAO Food Price Index averaged 107.5 points last December, up from a revised 105.2 points the month before, and averaged 97.9 points last year, climbing 3.1 percent over 2019, climbing to a three-year high; the index tracks monthly changes in a basket of grains, oilseeds, dairy products, meat and sugar.
Vegetable oil prices continued to rise strongly, in November last year prices jumped 14% compared to the month before, and then rose 4.7% in December, 19.1% higher than in 2019; cereal index rose 1.1% in December last year compared to the month before, and rose 6.6% for the year.
FAO pointed out that the export prices of wheat, corn, sorghum and rice climbed higher in tandem last month, partly because of deepening concerns about crop production shortfalls in North America, Latin America and Russia.
The organization said that the major palm oil producing countries tight supply, and Indonesia significantly increased palm oil export tariffs, are helping to increase international palm oil prices, while the strike activities in Argentina also made soybean oil prices.
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