The United Nations' World Food Price Index rose in November to its highest level since April 2023, marking the biggest increase in 19 months, driven by higher vegetable oil prices. The index, prepared by the Food and Agriculture Organization of the United Nations (FAO) to track the world's most traded food commodities, rose to 127.5 points in November from 126.9 points in October, its highest level in 19 months and an increase in 5.7 percent compared to the same month last year.
The FAO cut its forecast for global cereal production in 2024 from 2.848 billion metric tons to 2.841 billion tons, a 0.6 percent decline from a year ago but still the second-largest in history. Meanwhile, global cereal consumption is expected to rise 0.6 percent to 2.859 billion tons in the 2024-2025 season, driven by higher global consumption.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
