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U.S. REPORTS FOOD PRICES ARE AT HIGHEST LEVEL SINCE 2011
Dec. 3, 2021
Agri-Pulse reports:
Global food prices rose for a fourth consecutive month in November, driven by strong demand for wheat and dairy products, according to the UN Food and Agriculture Organization (FAO).
FAO's Food Price Index averaged 134.4 points during November, its highest level since June 2011 and 1.2% higher than it was in October. The index tracks monthly changes in the international prices of commonly-traded food commodities.
November's index was 27.3% higher than it was a year earlier.
Dairy prices were up 3.4% as strong global import demand continued for butter and milk powders. The price index for cereal grains was up 3.1% in November.
Supplies are especially tight for higher quality wheat, and there are concerns about untimely rains in Australia and potential changes to export measures in Russia.
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