Global food prices record 10-year high as wheat prices soar by 40%
Wheat prices surge
Recent figures by the United Nations Food and Agriculture Organization (FAO) have revealed that global food prices have hit the highest level in over a decade after rising by more than 30 per cent in the last year. The cost of cereals and vegetable oils have surged all across the globe, figures have revealed.
The FAO Food Price Index surged for the third month in October as there was a 3 per cent increase from the previous month.
Vegetable oil prices hit a record high after rising by almost 10 per cent in the same month. Oil prices increased because of rises in the cost of palm, soy, sunflower and rapeseed oils.
Labour shortages are contributing to the price surge.
The price of wheat soared by almost 40 per cent in the last 12 months after major exporters, including Canada, Russia and the US had poor harvests.
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Brigit Busicchia from Macquarie University has said that speculation on global markets is also contributing to price volatility.
"Since the 1990s, the deregulation of commodity futures trading has made it possible for institutional investors to enter this market on a large scale," she said.