{"id":1962,"date":"2022-03-06T10:43:37","date_gmt":"2022-03-06T10:43:37","guid":{"rendered":"https:\/\/www.newsmakers.com.pk\/en\/?p=1962"},"modified":"2022-03-06T10:49:27","modified_gmt":"2022-03-06T10:49:27","slug":"20-7pc-food-prices-jump-to-hit-record-high-in-feb","status":"publish","type":"post","link":"https:\/\/www.newsmakers.com.pk\/en\/business\/20-7pc-food-prices-jump-to-hit-record-high-in-feb\/1962\/","title":{"rendered":"20.7pc: Food Prices Jump To Hit Record High In Feb"},"content":{"rendered":"\n

Web Desk — According to the Food and Agriculture Organization (FAO), a Rome-based UN agency, food prices around the world hit a record high in February, thanks largely to a surge in vegetable oils and dairy products.<\/p>\n\n\n\n

FAO’s food price index, which tracks global food prices, averaged 140.7 points last month, compared to a downwardly revised 135.4 in January. That figure was previously given as 135.7.<\/p>\n\n\n\n

The FAO has warned that the higher costs are putting poorer populations at risk in countries dependent on imports as economies recover from the Coronavirus crisis.<\/p>\n\n\n\n

Global food prices are not entirely explained by concerns over crop conditions and export availability, according to FAO economist Upali Galketi Aratchilage.<\/p>\n\n\n\n

\u201cA much bigger push for food price inflation comes from outside food production, particularly the energy, fertilizer, and feed sectors,\u201d he said.<\/p>\n\n\n\n

\u201cAll these factors tend to squeeze profit margins of food producers, discouraging them from investing and expanding production.\u201d<\/p>\n\n\n\n

Inflation To Rise further in Pakistan as Russia-Ukraine war escalates<\/a><\/p>\n\n\n\n

The February report was compiled mostly before the Russian invasion of Ukraine.<\/p>\n\n\n\n

A prolonged conflict could have a major impact on grain exports as tensions in the Black Sea area have already been weighing on agricultural markets.<\/p>\n\n\n\n

As a result of rising palm, soy, and sunflower oil prices, the FAO said its vegetable oils index rose 8.5 percent month-on-month in February. About 80 percent of sunflower oil is exported from Ukraine and Russia.<\/p>\n\n\n\n

Despite uncertainty about global supply flows from Black Sea ports, cereal prices rose 3 percent on the month, with maize prices up 5.1 percent and wheat prices up 2.1 percent.<\/p>\n\n\n\n

The UN agency cautioned, however, that its projections did not factor in the potential impact of the conflict between Russia and Ukraine.<\/p>\n","protected":false},"excerpt":{"rendered":"

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