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Food Inflation a Worldwide Phenomenon

 12/10/2021

According to the December 2nd quarterly report of the United Nations Food and Agriculture Organization the November FAO Food Price Index rose 1.2 percent from October to an 18 month high of 134.4 points.  The index was 27.3 percent higher than in November 2020.  The components of the food index included:-

 

  • Dairy Price Index up by 3.4 percent due to buyers purchasing in anticipation of tightening markets

 

  • The Cereal Price Index up by 3.1 percent reflecting strong demand especially for wheat

 

  • The Sugar Price Index up by 1.4 percent influenced by ethanol demand

 

  • Vegetable oil declined by 0.3 percent reflecting lower demand especially for soybean oil

 

  • The Meat Price Index decreased by 3.9 percent attributed to lower purchases of pork by China

 

 

The FAO estimates that 44 nations are in need of external food assistance with the majority in Africa plus nations with internal conflicts in the Middle East and specifically Haiti in the Caribbean.