World food prices hit a record high in February, led by a surge in vegetable oils and dairy products, to post a 20.7% increase year-on-year, the U.N. food agency said on Friday.
, which tracks the most globally traded food commodities, averaged 140.7 points last month against a downwardly revised 135.4 in January. That figure was previously given as 135.7.Higher food prices have contributed to a broader surge in inflation as economies recover from the coronavirus crisis and the FAO hasthat the higher costs are putting poorer populations at risk in countries reliant on imports.
"A much bigger push for food price inflation comes from outside food production, particularly the energy, fertilizer and feed sectors," he said. "All these factors tend to squeeze profit margins of food producers, discouraging them from investing and expanding production." The cereal price index rose 3.0% on the month, with maize prices up 5.1% and wheat prices increasing 2.1%, largely reflecting uncertainty about global supply flows from Black Sea ports.FAO's dairy price index increased 6.4%, its sixth consecutive monthly rise, underpinned by tight global supplies, while meat prices rose 1.1% in February.
FAO also issued its first projections for cereal output in 2022, seeing global wheat production rising to 790 million tonnes from 775.4 million in 2021, thanks in part to hopes of high yields and extensive planting in Canada, the United States and Asia.
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