Food prices skyrocket by 20.7 percent worldwide

Global food prices hit record highs in February, led by skyrocketing prices for dairy products and vegetable oils.

The shocking 20.7% annual rise in food costs was reported on Friday by the United Nations’ Food and Agriculture Organization, which tracks prices of staple foods.

The price increases are partly due to harvest conditions and lower export availability. However, increases in the price of other commodities also played a role, said FAO economist Upali Galketi Aratchilage.

vegetable oils
Rising prices can be attributed to crop conditions and external factors such as the price of energy.
The data was compiled before Russia invaded Ukraine.

“A much larger push for food price inflation is coming from outside of food production, specifically the energy, fertilizer and feed sectors,” he said. “All of these factors tend to squeeze food manufacturers’ profit margins, preventing them from investing and expanding production.”

The data was compiled before war broke out in Ukraine – which could push prices even higher. Ukraine and Russia account for around 80 percent of sunflower oil exports.

With mail wires Food prices skyrocket by 20.7 percent worldwide


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