World food prices has increased at an incredibly fast pace in more than a decade this may.
According to the UN’s Food and Agriculture Organization (FAO), it has increased 4.8% from a month ago.
The FAO Food Prince Index, a trade-weighted index that tracks international market prices, has averaged 127.1 points in May, which is the highest value since September 2011.
The surge in the prices of oils, sugar, cereals, meat and dairy were the cause for the sharp and sudden rise.
The sugar price index went up 4% – the highest level since March 2017 – due to harvest delays and issues over Brazil’s reduced crop yields.
In May, the cereal price index has also jumped 6% on a monthly basis with higher international maize prices.
Meanwhile, the meat price index has reached its eighth consecutive monthly increase, rising 2.2% to take the index 10% beyond its level a year ago.
The dairy price index has surged 1.8% from April, averaging 28% higher than its level a year ago.
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