Global food prices hit 26-month high in November according to UN Food and Agriculture Organisation

Uncategorized Faizah Kamal 05-Dec-2019

World food prices recorded a 26-month high in November, according to the UN Food and Agriculture Organisation (FAO) on Dec. 5.

A significant rise in the price of meat products and vegetable oils pushed the overall figure to the highest level since September 2017.

The vegetable price index soared 10 percent month-on-month in November to hit the highest level since May 2018. Palm oil price quotations rose amid robust global import demand.

Averaging at 177.2 points last month, the FAO Food Price Index saw a surge of 2.7 percent or 4.7 points from a month earlier.

The FAO Food Price Index is a trade-weighted index that tracks international market prices of five major food commodity groups.