World food prices have sky-rocketed to the highest level in more than 10 years, driven mostly by increased demand and lacklustre harvests.
The prices shot up for the third month in October, rising 3% over September 2021, according to an index published by the Food and Agriculture Organisation of the United Nations (FAO).
The FAO Food Price index tracks monthly changes across a range of food commodities. The gains in prices were driven by a rise in vegetable oil and wheat prices, and it rose by more than 30% over the past year.
Standing at the highest level since July 2011, the price of wheat surged 5% in October because of reduced harvests from major exporters.
The FAO also cited high global demand for products such as milk powder, poultry, vegetable oils and barley. Food supplies and prices are also under pressure from extreme weather, snarled supply chains, worker shortages and rising costs.
Supermarkets in major economies have also struggled to keep shelves fully stocked because of the pandemic. Rising food commodity prices are leading to higher costs for consumer goods companies.
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