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[size=36]Food prices are at their highest level in 10 years.. 3 reasons behind this[/size]
Economie| 08:54 - 21/11/2021
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Baghdad - Mawazine News
Food prices around the world have jumped to their highest level in 10 years, amid indications that they will not continue to increase so quickly.
The United Nations Food Tracking Index of wheat and vegetable oils rose to its highest level in a new decade last month, as bad weather, rising shipping costs and a shortage of labor pushed up prices, Bloomberg News Agency said on Sunday.
Agricultural commodity prices are still increasing, but at a slower rate, according to Bloomberg. The index rose nearly 20% in the first half of the year but has only risen 6% since then.
The International Grains Council said that wheat stocks are now lower than they were before and that stocks in major exporters may be at their lowest level in nine years.
Bloomberg quoted a report from the "Strategy Greens" service in France: "We believe that European wheat prices will stop rising, and that they may decline even to a small degree in the near term."
The United Nations Conference on Trade and Development (UNCTAD), a few days ago, said that the rise in container shipping prices poses a threat to the global economic recovery, and it is expected that small countries that depend on sea freight will be affected more severely by the rise in import prices.
The increased demand for consumer goods during the COVID-19 pandemic has resulted in major supply bottlenecks around the world, affecting the availability of container ships and cargo boxes.
Shipping and port officials expect global supply chain disruptions to continue into 2022.
"The current rise in freight rates will have a profound impact on trade and undermine social and economic recovery, especially in developing countries, until shipping operations return to normal," said UNCTAD Secretary-General Rebecca Greenspan.
In its report on maritime transport for 2021, UNCTAD said that the continuation of the current rise in container freight rates would, if it continued, cause an increase in global import price levels by 11 percent and consumer price levels by 1.5 percent between now and 2023.
He added, "It is expected that The impact is more severe for smaller economies, which rely heavily on imported goods for many of their consumer needs.
Food prices around the world have jumped to their highest level in 10 years, amid indications that they will not continue to increase so quickly.
The United Nations Food Tracking Index of wheat and vegetable oils rose to its highest level in a new decade last month, as bad weather, rising shipping costs and a shortage of labor pushed up prices, Bloomberg News Agency said on Sunday.
Agricultural commodity prices are still increasing, but at a slower rate, according to Bloomberg. The index rose nearly 20% in the first half of the year but has only risen 6% since then.
The International Grains Council said that wheat stocks are now lower than they were before and that stocks in major exporters may be at their lowest level in nine years.
Bloomberg quoted a report from the "Strategy Greens" service in France: "We believe that European wheat prices will stop rising, and that they may decline even to a small degree in the near term."
The United Nations Conference on Trade and Development (UNCTAD), a few days ago, said that the rise in container shipping prices poses a threat to the global economic recovery, and it is expected that small countries that depend on sea freight will be affected more severely by the rise in import prices.
The increased demand for consumer goods during the COVID-19 pandemic has resulted in major supply bottlenecks around the world, affecting the availability of container ships and cargo boxes.
Shipping and port officials expect global supply chain disruptions to continue into 2022.
"The current rise in freight rates will have a profound impact on trade and undermine social and economic recovery, especially in developing countries, until shipping operations return to normal," said UNCTAD Secretary-General Rebecca Greenspan.
In its report on maritime transport for 2021, UNCTAD said that the continuation of the current rise in container freight rates would, if it continued, cause an increase in global import price levels by 11 percent and consumer price levels by 1.5 percent between now and 2023.
He added, "It is expected that The impact is more severe for smaller economies, which rely heavily on imported goods for many of their consumer needs.
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