Published 21:45 IST, December 5th 2019
FAO records a global rise in food prices, even as onion prices in India skyrocket
FAO states that there has been a global rise in food prices. The rise comes despite a drop in the prices of cereals while meat and sugar hit a 26-months high
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According to the Food and Agriculture Organization (FAO), the global food prices have risen in November, the main culprits for their rise being a steep jump in the price of meat and vegetable oils. The rise comes despite a drop in the prices of cereals while meat and sugar hit a 26-months high in November of this year.
The global rise in the prices of most foodstuffs
As stated by the UN body, the price of meat and sugar has averaged 177.7 points which is a 2.7% jump from October and on a year-by-year assessment records at a 9.5% hike. The FAO has foreseen that in 2019 the cereal production will reach an all-time high of 2.7 billion which is a 0.4% increase from last year.
The price of Vegetable oils have increased by a whopping 10.4% and have reached their highest since 2018. The individual increase in meat was recorded at 4.6%. Overwhelming demand from China is being considered the primary reason for the global hike in commodity prices. The global prices of sugar and dairy prices have also gone up.
Coinciding with the global increase in food prices, Onion prices in India have skyrocketed. As a matter of growing concern, Opposition leaders from the Congress party and others took to protest the exorbitant prices of onion in the Indian Parliament on Thursday. The Union Finance Minister Nirmala Sitharaman on Wednesday said in the Lok Sabha that the government has taken a host of measures including imports to contain the rising prices of onion and that they are also tackling a whole range of problems like structural issues that relate to the storage of onions. Owing to a shortage in supply, the prices of onion have crossed the Rs 100 per kg mark in major cities across the country.
18:41 IST, December 5th 2019