Noosa News
Food prices rise globally as countries compete to replenish stockpiles, bad weather hits crops
The price of agricultural commodities traded on the global stage has shot up by 50 per cent since the middle of 2020, according to economists at Rabobank.
Key points:
- Agri-commodity prices have risen 50 per cent since mid-2020
- Global food prices have hit a six-year high
- Rising import demand and limits on supply have sparked the price rises
In a new report, the bank pins the lift in the price of wheat, corn, soy, sugar, and a range of other commodities on the northern La Niña, a weakening US currency, market speculators, and rising demand from importing nations.
Its findings are echoed by the United Nations’ Food and Agriculture Organisation’s (FAO) Food Price Index which tracks monthly price…
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