The Food and Agriculture Organization of the United Nations (FAO) said that global food prices rose for the fourth consecutive month in November, to remain at their highest levels in ten years, affected by strong demand for wheat and dairy products.
The organization said in a statement today that the food price index, which tracks the global prices of the most traded food commodities in the world, scored 134.4 points last month, compared to 132.8 points in October.
The November reading is the highest on the index since June 2011, when the index rose on an annual basis by 27.3 percent.
Prices of agricultural products rose sharply last year due to crop setbacks and high demand. The grain price index rose 3.1 percent in November compared to the previous month and increased by 23.3 percent on an annual basis, as wheat prices recorded their highest levels since May 2011.
The FAO said wheat prices were supported by concerns about off-season rains in Australia and uncertainty about possible changes in export procedures in Russia.
The dairy products index recorded the highest monthly increase, rising 3.4 percent from the previous month, and the FAO said the sugar price index rose 1.4 percent on a monthly basis and 40 percent on an annual basis.
The organization indicated that the meat price index fell for the fourth consecutive month, declining 0.9 percent on a monthly basis, and vegetable oil prices fell 0.3 percent from the previous month.