World Food Prices Reach Seven-Year High

The cost of food on the planet continues to rise. The dynamics of growth have been observed for 11 months in a row. According to a report by the United Nations Food and Agriculture Organization (FAO), food prices have peaked since 2014.

The FAO reports that in April 2021, food prices increased by 1.7% compared to prices in March. Compared to April 2020, the cost of food has increased by 30%.

In particular, there has been an increase in prices for cereals, which in April rose by 1.2% compared to the previous month and by 26% compared to April 2020. The largest increase was observed in corn, which increased in price by 66.7% over the year. At the same time, the FAO noted the relative stability of wheat prices.

The organization also reported an increase in the cost of vegetable oils, which rose by 1.8% compared to March 2021. In particular, soybean, rapeseed, and palm oil rose in price. On the contrary, sunflower oil fell in price as the demand for this product stabilized.

Milk and dairy products increased in price by 1.2% over the month. At the same time, the cost of goods has been growing for 11 months in a row. Over the year, the cost of dairy products increased by 24.1%. The prices for vegetable oil showed particular growth, which was facilitated by the increased demand in Asian countries. Also, Asian countries were actively importing cheese, but European companies produced less product than expected, which in turn led to higher prices.

In addition, an increase in meat prices was recorded in April 2021. The cost increased by 1.7% compared to prices in March and by 5.1% compared to the cost of products in April 2020. The FAO noted that almost all types of meat have risen in price, except for poultry.

Sugar prices showed particularly strong growth. This product has risen in price by 3.8% per month and by 60% compared to April 2020. The FAO noted that this dynamics is due to active purchases of the product due to negative expectations for the harvest in France and too slow harvest rates in Brazil.