Global food prices rise by 28.1 percent, vegetable oil prices rise by a record 65.8 percent

According to Abdolreja Abbasian, in the year 2021, the prices of vegetable oil increased by 65.8 percent compared to the year 2020. Sugar prices hit their highest level since 2016.

Photo Credit- FAO Statistics

Food and Agriculture Organization (FAO- Food and Agriculture Organization) According to global food prices (Global Food Prices) There has been a slight decrease in December 2021 on a month-to-month basis, but it is still significantly higher than last year (year 2020). Abdolreza Abbasian, senior economist at the United Nations agency, reported Xinhua news agency. (Abdolreza Abbassian) said in a press conference here on Friday that the FAO Food Price Index in the year 2021 was 28.1 percent higher than in 2020. He said global grain prices were at their highest level since 2012, an average of 27.2 per cent higher than 2020 prices.

Vegetable oil prices increased by 65.8 percent

According to Abdolreza Abbasian, senior economist at the UN agency FAO, in the year 2021, vegetable oil prices increased by 65.8 percent compared to the year 2020. Sugar prices hit their highest level since 2016. Meat prices were 12.7 percent higher than 2020 prices and dairy prices were 16.9 percent higher than 2020.

The maximum gain was with 44.1 percent in maize and 31.3 percent in wheat. Rice, one of the world’s other staple foods, declined by 4 percent.

Oil reaches all-time high with a rise of 65.8 percent

The vegetable oil price index fell 3.3 per cent in December on lower global import demand, which could be linked to concerns over the impact of rising COVID-19 cases, which have delayed supply chains. For the full year, the oil index rose to an all-time high of 65.8 per cent over 2020.

He noted, “The monthly increase in prices since the last quarter of 2020 was a sign for producers to overproduce, but whether or not an adjustment will be seen in 2022 depends on several factors, including the outcome of the pandemic, the availability of fertilizers and the production of fertilizers. Costs and climate conditions are involved.”

With IANS inputs

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