World meals costs, led by the skyrocketing prices of dairy and vegetable oils, reached report highs in February.
The surprising 20.7% yearly enhance in meals prices was reported Friday by the United Nations’ Meals and Agriculture Group, which tracks the costs of meals staples.
The worth will increase can partly be blamed on crop situations and diminished export availability. Nonetheless, will increase in different commodity prices additionally performed a job, mentioned FAO economist Upali Galketi Aratchilage.
“A a lot larger push for meals value inflation comes from outdoors meals manufacturing, significantly the vitality, fertilizer and feed sectors,” he mentioned. “All these components are likely to squeeze revenue margins of meals producers, discouraging them from investing and increasing manufacturing.”
The information was compiled earlier than battle broke out in Ukraine — which might push costs greater nonetheless. Ukraine and Russia make up round 80 % of sunflower oil exports.
With Submit wires
