Soaring Food Price Inflation Could Lead To More Global Unrest
Prophecy News Watch - Is it time to worry about food inflation?
The Food and Agriculture Organization's Food Price Index rose for a seventh consecutive month in December, led by dairy products and vegetable oils.
The FAO Food Price Index averaged 107.5 points last month versus 105.2 points in November.
The benchmark, which tracks global food prices of cereals, oilseeds, dairy products, meat, and sugar, averaged 97.9 points for 2020, a three-year high, and a 3.1% rise from 2019 levels.
The global food index was still down 25% from its historical high reached in 2011.
Vegetable oil prices saw the most significant jump, up 4.7% month-on-month in December after surging more than 14.0% in November. The index was up 19.1% in 2020 over the prior year.
FAO explained that soaring vegetable oil prices are due to "ongoing supply tightness in major palm oil-producing countries. International trade was affected by a sharp hike in export duties in Indonesia.
International prices for soy oil rose in part due to prolonged....READ MORE
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