World food prices rose again in November to remain at 10-year highs, according to the United Nations’ Food and Agriculture Organization.
The FAO’s food price index, which tracks the most-traded global commodities, rose 27.3% in November on a year-over-year basis. It was the highest reading for this index since June 2011.
Grain prices were up 3.1% in November over October and 23.2% over November 2020, with wheat prices reaching their highest level since June 2011. That happened despite the world’s grain output, at an estimated 2.79 billion tons for 2021, setting a record.
Other commodity price increases include sugar (up 1.4% over October, nearly 40% over last November), and dairy (up 3.4% from October). Meat prices, however, were down 0.9%, and vegetable oil down 0.3%.