News

Global food prices fall again but wheat soars

June 3, 2022 07:06 PM


World food prices fell slightly for the second consecutive month in May but wheat prices rose again as Russia's war in Ukraine rages on and India banned exports of the commodity, a UN agency said Friday.

Russia's invasion of Ukraine sent food prices to a record high in March as both countries are major exports of agricultural goods, sparking fears of a global hunger crisis.

The United Nations Food and Agriculture Organization's food price index fell 0.6 percent in May from April as the prices of dairy products and vegetable oils dropped. Prices, however, were still 56.2 percent higher than a year ago.

Wheat prices, meanwhile, rose by 5.6 percent in May compared to the previous month. 

They "rose in response to an export ban announced by India and concerns over crop conditions in several leading exporting countries as well as reduced production prospects in Ukraine due to the war," the FAO said.

Citing inflation and its own food security needs, India banned last month any new wheat exports without government approval after the hottest March on record -- blamed on climate change -- hit harvests.

Vegetable oil prices fell 3.5 percent in part due to Indonesia lifting an export ban on palm oil, the FAO said.

 

 



Most Read

  1. Foreigners safe after suicide-bomber targets their van in Karachi Foreigners safe after suicide-bomber targets their van in Karachi
  2. LHC orders steel mill demolition over pollution LHC orders steel mill demolition over pollution
  3. Solar panel rate sinks massively in Lahore Solar panel rate sinks massively in Lahore
  4. Finance minister rules out further rupee devaluation Finance minister rules out further rupee devaluation
  5. Mehar Bano and Mamya Shajaffar’s bold dance videos invite public's wrath Mehar Bano and Mamya Shajaffar’s bold dance videos invite public's wrath
  6. Iran shoots down several drones as Israel ‘launches’ attacks Iran shoots down several drones as Israel ‘launches’ attacks

Opinion

  1. Insights into the Pakistan Stock Exchange's Recent Record High Triumph
    Insights into the Pakistan Stock Exchange's Recent Record High Triumph

    By Zulfiqar Ali Mir

  2. IMEC to sabotage CPEC
    IMEC to sabotage CPEC

    By Dr Asif Channer

  3. 1947 TO FORM 47
    1947 TO FORM 47

    By Dr Asif Channer

  4. Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....
    Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....

    By Ali Ramay

  5. Global race: China will reduce its unnecessary expenses
    Global race: China will reduce its unnecessary expenses

    By Ali Ramay

  6. Channer Pir: The Great Saint of Cholistan
    Channer Pir: The Great Saint of Cholistan

    By Dr Asif Channer