Global Food Prices Post Biggest Jump In Decade
London - Global food prices have surged by the biggest margin in a decade, as one closely watched index jumped 40 per cent last month, heightening fears that the inflation initially stoked by pandemic disruption was accelerating.
The year-on-year rise in the United Nations Food and Agriculture Organisation's (FAO) monthly index was the largest jump since 2011, as commodity prices surged.
The higher inflation will hit poorer countries reliant on imports for staple goods. For richer countries, the cost of raw ingredients accounts for only part of the overall price paid for products at supermarkets and restaurants. But the rise in raw material prices has been so steep that big firms like Nestle and Coca-Cola have said they would pass on any increases.