Food Prices hit a Record High in February
Food prices hit a record high in February, up 24.1 percent from the same period last year due to a jump in the price of vegetable oils and dairy products. This was announced by Reuters, citing data from the Food and Agriculture Organization (FAO).
The organization's food price index, which tracks the world's most traded food, averaged 140.7 points in February, compared to a revised downward 135.4 points in January. The forecast values for January were 135.7 points.
Higher food prices have contributed to stronger inflation, while economies are recovering from the crisis caused by the coronavirus pandemic. The FAO has warned that higher costs put poorer people at risk in imported countries.
The Rome-based organization also published its first forecasts for cereal production in 2022. Global wheat production is expected to grow to 790 million tonnes from 775.4 million in 2021.
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