ROME: Global food prices rose for an eighth consecutive month in January to their highest since July 2014, the United Nations food agency said on Thursday, as economies continue to battle fallout from the COVID-19 pandemic.
The Food and Agriculture Organization’s food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 113.3 points last month December’s 108.6, revised up from 107.5. Jumps in cereals, sugar and vegetable oils led the rise, the agency said.
Some governments are taking action to tackle surging domestic food prices, although such moves drive global values higher by reducing supplies for international markets. The consequence is already evident in grain prices, such as corn, hitting multi-year highs.
Grain-consuming giant China is stockpiling supplies, while Argentina has suspended sales of maize for export until Feb. 28. Russia is imposing taxes on exports of wheat, barley and maize.
The World Bank…