The Food and Agriculture Organization of the United Nations announced on Thursday, February 4, that in January, the consecutive increase in food prices, due to the tightening of export restrictions, disruption of the supply of goods due to bad weather conditions and strong demand, the speed More has been found.
The FAO food price index, which tracks the cost of the basic and essential food basket, has increased by 4.3 percent since December and reached 113.3. This is the eighth consecutive monthly increase of this index and its highest level since July 2014.
Concerns about food security caused two major grain producing and exporting countries, Argentina and Russia, to tighten their export restrictions in recent months. Argentina, which is facing a drought, has been forced to reduce its corn exports in order to ensure the supply of corn for domestic consumption. On the other hand, Russia, worried that its citizens will not face the increase in food prices, has prepared plans to increase taxes on grain exports.
These measures, coupled with China’s sharp rise in corn demand, have pushed up cereal prices, the FAO said. The subindex, which tracks cereal prices, rose 7.1 percent in January, FAO added.
Other food items were no exception to this rule and experienced price growth. Vegetable oil witnessed a growth of 5.8% due to the decrease in palm oil production, which was lower than expected, as well as the strikes in Argentina, which reduced the global supply of soybean oil.
The 8.1% increase in the price of sugar thanks to its high demand, the increase in the price of crude oil and the decrease in the value of the Brazilian real (Brazilian currency) are also mentioned. The index of meat and dairy prices saw a lower price increase; So that this index increased by 1% for the price of meat and 1.6% for dairy products.
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