Bloomberg writer Megan Durisin reported on Thursday that, “Global food prices jumped toward a record last month, further adding to the surging cost of living for consumers.
“World Food Prices Are Climbing Closer Toward a Record High,” by Megan Durisin. Bloomberg News (February 3, 2022).
The gauge is edging closer to 2011’s all-time high, and unfavorable weather for crops and the fallout from an energy crisis threaten to keep prices high going forward.
“For now, output is struggling to keep up with demand as economies rebound from the pandemic, farm adviser Agritel said in a note this week.”
Also this week, Reuters News reported that, “World food prices rebounded in January and remained near 10-year highs, led by a jump in the vegetable oils index, the U.N. food agency said on Thursday.”
The Reuters article added that, “Rome-based FAO also raised its projection of global cereal production in 2021 to 2.793 billion tonnes from a previous estimate of 2.791 billion tonnes, according to its cereal supply and demand outlook.”
Keith Good is the Farm Policy News editor for the farmdoc project. He has previously worked for the USDA’s National Agricultural Statistics Service, and compiled the daily FarmPolicy.com News Summary from 2003-2015. He is a graduate of Purdue University (M.S.- Agricultural Economics), and Southern Illinois University School of Law.
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