Global food prices increased in May at their fastest monthly rate in more than ten years, said the Food and Agriculture Organization of the United Nations (FAO). The UN food agency’s Food Price Index averaged 127.1 points in May.
A rise in the international prices of cereals, vegetable oils and sugar led the increase in the index to its highest value since September 2011. The FAO Cereal Price Index rose 6% from April, while the FAO Vegetable Oil Price Index gained 7.8% in the month of May.
It must be mentioned here that the index monitors monthly changes in the international prices of commonly-traded food commodities.