Published 05 Nov,2020 via Bloomberg Markets - Global food prices remain on a tear as tightening crop markets boost grain costs by the most in eight years.
A United Nations gauge of food prices rose for a fifth month to the highest since January, nearing a multiyear peak set just before the coronavirus crisis took hold. Last month’s increase was largely fueled by a rally in grains, with the UN’s Food & Agriculture Organization cutting estimates for crop production and stockpiles as adverse weather threatens corn and wheat supplies.
Rising food prices risk pushing up inflation and come as economies are struggling with the pandemic and many nations contend with a hunger crisis. Agricultural commodity buyers from Egypt to Pakistan have been boosting purchases of grains in efforts to protect themselves from potential supply chain disruptions, keeping inventories in key exporting nations under pressure.
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Agnieszka de Sousa