ROME (Reuters) – She said Food and Agriculture Organization of the United Nations “FAO” Today, Thursday, global food prices rose in May at the fastest monthly pace in more than a decade, marking the 12th consecutive month of increase and the highest level since September 2011.
The FAO released its first forecast for global cereal production in 2021, at about 2.821 billion tons, a new record high and 1.9 percent above 2020 levels.
The FAO Food Price Index, which measures monthly changes for a basket of cereals, edible oils, dairy products, meat and sugar, averaged 127.1 points last month, compared to a revised reading of 121.3 points in April.
The previous reading for April was 120.9 points.
On an annual basis, prices in May rose 39.7 percent.
The FAO said its estimates for record global cereal production this year were backed by a forecast of 3.7 percent annual growth in maize production. Global wheat production is also expected to increase by 1.4 percent, and rice production to grow by 1 percent.
Global cereal consumption in 2021-2022 is expected to rise by 1.7 percent to a new peak of 2.826 billion tons, slightly above production levels.