{"id":11991,"date":"2021-10-11T12:13:53","date_gmt":"2021-10-11T04:13:53","guid":{"rendered":"https:\/\/newmalaysiatimes.com\/?p=11991"},"modified":"2021-10-11T12:13:55","modified_gmt":"2021-10-11T04:13:55","slug":"world-food-prices-hit-a-10-year-peak-food-and-agriculture-organization","status":"publish","type":"post","link":"https:\/\/newmalaysiatimes.com\/?p=11991","title":{"rendered":"World food prices hit a 10-year peak – Food and Agriculture Organization"},"content":{"rendered":"\n

PARIS, Oct 11 – World food prices rose for a second consecutive month in September to reach a 10-year peak, driven by gains for cereals and vegetable oils, the United Nations food agency said on Thursday.<\/p>\n\n\n\n

The Rome-based Food and Agriculture Organization (FAO) also projected record global cereal production in 2021 but said this would be outpaced by forecast consumption.<\/p>\n\n\n\n

FAO’s food price index, which tracks international prices of the most globally traded food commodities, averaged 130.0 points last month, the highest reading since September 2011, according to the agency’s data.<\/p>\n\n\n\n

The figure compared with a revised 128.5 for August. The August figure was previously given as 127.4.<\/p>\n\n\n\n

On a year-on-year basis, prices were up 32.8% in September.<\/p>\n\n\n\n

\"food\"<\/figure><\/div>\n\n\n\n

Agricultural commodity prices have risen steeply in the past year, fuelled by harvest setbacks and Chinese demand.<\/p>\n\n\n\n

The\u00a0FAO’s cereal price index\u00a0rose by 2.0% in September from the previous month. That was led by a near 4% increase in wheat prices, with the UN agency citing tightening export availabilities amid strong demand.<\/p>\n\n\n\n

“Among major cereals, wheat will be the focus in the coming weeks as demand needs to be tested against fast-rising prices,\u201d FAO Senior Economist Abdolreza Abbassian said in a statement.<\/p>\n\n\n\n

World vegetable oil prices were up 1.7% on the month and showing a year-on-year rise of about 60%, as palm oil prices climbed on robust import demand and concerns over labor shortages in Malaysia, FAO said.<\/p>\n\n\n\n

Palm oil futures have rallied further in early October to hit record highs as a surge in crude oil markets has lent further support to vegetable oils used in biodiesel.<\/p>\n\n\n\n

Global sugar prices rose 0.5% in September with concern over adverse crop weather in top exporter Brazil partly offset by slowing import demand and a favorable production outlook in India and Thailand, according to FAO.<\/p>\n\n\n\n

For cereal production, FAO projected a record world crop of 2.800 billion tonnes in 2021, up slightly from the 2.788 billion estimated a month ago.<\/p>\n\n\n\n

That would be below world cereal use of 2.811 billion tonnes, a forecast revised up by 2.7 million tonnes from a month earlier mainly to reflect increased wheat use in animal feed, FAO said in a\u00a0cereal supply and demand note.<\/p>\n\n\n\n

Global cereal stocks were expected to ease in 2021\/22 but would still be at a comfortable level, FAO added.<\/p>\n\n\n\n

Reuters<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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