Global Food Prices Reached Record Highs in 2022
Global food prices fell in December for the ninth month in a row, but nevertheless rose 14 percent in 2022 compared to the previous year to record levels
Global food commodity prices reached a near seven-year high in January 2021, the UN Food and Agriculture Organization (FAO) reported, as quoted by TASS. The organization notes that the rise in the prices of food products in the world persists for the eighth consecutive month.
The FAO's food price index average, reflecting monthly changes in international prices for the main types of food products, reached 113.3 points in January, 4.3 percent above December level.
According to the report posted on the organization's website, this is the highest index since July 2014. The greatest price rise is of cereals, vegetable oils and sugar.
The one-month cereal price index rose 7.1 per cent, which the FAO explains with a sharp rise in maize (by 11.2 percent) up 42.3 percent from January 2020.
Wheat prices have risen by 6.8 per cent due to high global demand and an expected cuts in sales volumes by Russia, where wheat export duties have doubled since March 2021.
The vegetable oil price index rose 5.8 percent to the highest level since May 2012. The reason for this is the smaller-than-expected volume of palm oil production in Indonesia and Malaysia due to the down trend in labour migration, as well as strikes in Argentina, the FAO said.
The sugar price index was up 8.1 percent compared to December, dairy products by 1.6 percent and meat by 1 percent.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
According to recent data from the Confederation of Independent Trade Unions of Bulgaria (CITUB), the financial strain on Bulgarian households continues to intensify
Experts suggest that Bulgaria's admission to the Eurozone is more realistic in January 2026
February witnessed a surge in remittances from Bulgarians residing abroad, reaching a remarkable EUR 110.5 million, marking the highest value since last July
Amidst financial fluctuations and strategic fiscal decisions, Bulgaria's Minister of Finance, Lyudmila Petkova, unveils the nation's robust fiscal reserve, standing tall at BGN 10.9 billion as of April 18th
Sofia, the vibrant capital of Bulgaria, is experiencing a surge in its economic landscape, surpassing the average European standard of living, according to senior researcher Peter Ganev from the Institute for Market Economics
Mounting uncertainty looms over Bulgaria's anticipated entry into the Eurozone, with officials cautioning that the prospect may be delayed amidst persisting inflation challenges
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022