Global food prices rise 39.7pc YoY in May: FAO

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Islamabad

Global food prices rose in May at their fastest monthly rate in more than a decade, even as world cereal production is on course to reach a new record high, said the Food and Agriculture Organisation of the United Nations (FAO).

The FAO Food Price Index averaged 127.1 points in May, 4.8 percent higher than in April and 39.7 per-cent higher than in May 2020.

A surge in the inter-national prices of vegetable oils, sugar and cereals led the increase in the index, which tracks monthly changes in the international prices of commonly-traded food commodities, to its highest value since September 2011 and only 7.6 percent below its all-time peak in nominal terms.– —Agencies

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