WhatsApp Logo Subscribe
For News Alert

News

Global food prices fall again but wheat soars

June 3, 2022 07:06 PM


Twitter Share Facebook Share WhatsApp Share

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. Brother shot dead over distribution of Qurbani meat in Azad Kashmir Brother shot dead over distribution of Qurbani meat in Azad Kashmir
  2. Former president of Landi Kotal Press Club shot dead by unknown assailants Former president of Landi Kotal Press Club shot dead by unknown assailants
  3. Fault in global submarine cable affects internet service in parts of Pakistan Fault in global submarine cable affects internet service in parts of Pakistan
  4. Coca-Cola truck looted after accident in Faisalabad Coca-Cola truck looted after accident in Faisalabad
  5. Haris Rauf gets into ugly spat with fan in US Haris Rauf gets into ugly spat with fan in US
  6. Syra Yousuf ‘strongly’ refuses to remarry Shahroz Sabzwari Syra Yousuf ‘strongly’ refuses to remarry Shahroz Sabzwari

Opinion

  1. An Unmissable Opportunity: The Time for Modi and Islamabad leadership to Resume Bilateral Dialogue is Now!
    An Unmissable Opportunity: The Time for Modi and Islamabad leadership to Resume Bilateral Dialogue is Now!

    By Sudheendra Kulkarni

  2. Premier Shehbaz and Chinese model
    Premier Shehbaz and Chinese model

    By Naveed Aman Khan

  3. Modi's myth broken, yet in power
    Modi's myth broken, yet in power

    By Naveed Aman Khan

  4. Xi, Shehbaz and CPEC phase - 2
    Xi, Shehbaz and CPEC phase - 2

    By Naveed Aman Khan

  5. Pakistan's UNSC Triumph: A New Era
    Pakistan's UNSC Triumph: A New Era

    By Dr Asif Channer

  6. Shehbaz, Deng, Xi and transformation
    Shehbaz, Deng, Xi and transformation

    By Naveed Aman Khan