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World food prices climb in November, stay at 10-year peak -FAO -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Wheat and barley fields can be seen near Caledon in South Africa on October 20, 2021. REUTERS/Mike Hutchings/File Photograph

ROME, (Reuters) – The U.N. agency for food said that world food prices rose in November for the fourth consecutive time, owing to strong demand of wheat and dairy products.

Food and Agriculture Organization’s(FAO) Food Price Index, which monitors international prices of most commonly traded food commodities worldwide, was at 134.4 points for last month, as compared to an updated 132.8 in October.

The previous October number was given as 133.2

This was the best November reading since June 2011, when the index had been at its highest level. The index increased 27.3% over the past year.

Due to harvest setbacks as well as strong demand, agricultural commodity prices have shot up steeply over the past year.

Rome-based FAO cut its projection of global cereal production in 2021 to 2.791 billion tonnes from 2.793 billion estimated a month ago, according to its cereal supply and demand outlook https://www.fao.org/worldfoodsituation/csdb/en.

FAO stated that the world’s expected cereal production would be a new record.

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