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World food prices rise sharply in January - UN

Business and Finance

World prices for cereals and sugar rose the most.

World food prices rise sharply in January - UN

The Food Price Index rose 4.3 percent in January 2021, reaching a record high since July 2014. Experts from the UN Food and Agriculture Organization (FAO) reported this on Thursday.

World cereal prices rose the most - by 7.1 percent. This was facilitated, first of all, by a sharp increase in international prices for corn - they increased by 11.2 percent, which is explained by a further reduction in supply at the global level amid large-scale purchases from China and a decrease in production and stocks in the United States, as well as a temporary suspension licenses for the export of corn in Argentina.

Wheat prices increased by 6.8 percent, driven by increased global demand and projected declines in sales from the Russian Federation, where wheat export duties will double from March 2021.

FAO also reported an 8.1 percent rise in sugar prices amid strong global import demand and concerns over supply cuts in the European Union, Russia and Thailand and dry weather in South America.

The price index for dairy and meat products, according to FAO, increased by 1.6 percent and 1 percent, respectively.

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