Global food prices have surged to an 18-month high, driven by a significant rise in vegetable oil prices, impacting the FAO Food Price Index. Supply-side factors, including weather conditions and transportation issues, are the primary contributors to this increase.
Global food prices recently rose to an 18-month high, with some food baskets expected to continue climbing, according to market watchers.
The index measures raw commodity prices rather than retail costs, but the increase suggests that higher food prices may continue to affect consumers.Here are some key food items that could see more climbs globally in the year ahead, according to industry experts who spoke to CNBC.
Other vegetable oils, such as rapeseed oil, could also become more expensive as a result of similar supply challenges, added the StoneX broker.Beef prices have surged as a result of the drought in the U.S. southern plains, which have"severely reduced" the cattle herd, said Stephen Nicholson, a strategist at agribusiness bank Rabobank..
For cocoa, concerns about heavy rain and low bean quality in largest producer Cote D'Ivoire have also placed upward pressure on cocoa prices. Challenging weather conditions and diseases have affected production in West Africa, which accounts for roughly 70% of global cocoa supply.
Global Food Prices FAO Food Price Index Vegetable Oils Meat Dairy Sugar Supply Constraints Weather Transportation Challenges
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