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Global food costs jump back near decade-high on harvest woes
Food supply chains have also been affected by a shortage of workers amid the coronavirus pandemic and higher shipping costs.
Bloomberg September 06, 2021, 13:27 IST
Global food costs jump back near decade-high on harvest woesGlobal food prices climbed back to near the highest in a decade on smaller crop prospects, reviving concerns about inflationary pressures.
After easing in the previous two months, a United Nations gauge of food costs rose 3.1% in August to near a peak set in May. The advance was driven by reduced grain production expectations, frosts that hurt sugar-cane crops in top grower Brazil and tightening oilseed supplies, the UN’s Food and Agriculture Organization said Thursday.
World food prices have rallied about 33% in the past year, increasing inflation risks for central banks as well as consumers, particularly those in poorer nations that are dependent on imports. Food supply chains have also been affected by a shortage of workers amid the coronavirus pandemic and higher shipping costs.
The chances of any relief in prices in the coming months will probably be limited, according to Abdolreza Abbassian, a senior economist at the Rome-based FAO...
Global food costs jump back near decade-high on harvest woes
Food supply chains have also been affected by a shortage of workers amid the coronavirus pandemic and higher shipping costs.
Bloomberg September 06, 2021, 13:27 IST
Global food costs jump back near decade-high on harvest woesGlobal food prices climbed back to near the highest in a decade on smaller crop prospects, reviving concerns about inflationary pressures.
After easing in the previous two months, a United Nations gauge of food costs rose 3.1% in August to near a peak set in May. The advance was driven by reduced grain production expectations, frosts that hurt sugar-cane crops in top grower Brazil and tightening oilseed supplies, the UN’s Food and Agriculture Organization said Thursday.
World food prices have rallied about 33% in the past year, increasing inflation risks for central banks as well as consumers, particularly those in poorer nations that are dependent on imports. Food supply chains have also been affected by a shortage of workers amid the coronavirus pandemic and higher shipping costs.
The chances of any relief in prices in the coming months will probably be limited, according to Abdolreza Abbassian, a senior economist at the Rome-based FAO...