{"id":18176,"date":"2022-06-28T15:11:19","date_gmt":"2022-06-28T15:11:19","guid":{"rendered":"https:\/\/www.africa-press.net\/gambia\/uncategorized\/global-food-prices-are-soaring"},"modified":"2022-06-28T15:33:22","modified_gmt":"2022-06-28T15:33:22","slug":"global-food-prices-are-soaring","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/gambia\/all-news\/global-food-prices-are-soaring","title":{"rendered":"Global food prices are soaring!"},"content":{"rendered":"

Africa-Press – Gambia. <\/strong><\/span>The prices of many foods, ranging from wheat and other grains to meat and oils, have shot up. That\u2019s been driven by a slew of factors, including the rising cost of fertilizer and energy in the past year as well as the Russia-Ukraine war.<\/p>\n

Food export bans or serious disruptions have included those from India (wheat), Ukraine (wheat, oats and sugar, among others) and Indonesia (palm oil).<\/p>\n

The United Nations\u2019 Food and Agriculture Organization Food Price Index already shows international rice prices creeping up for the fifth straight month to reach a 12-month high, according to the latest May data published last week.<\/p>\n

To be sure, rice production is still bountiful, experts said. But rising wheat prices, and the generally higher costs of farming, would make rice prices worth monitoring next.<\/p>\n

Protectionist measures \u201cactually worsen price pressures at a global level for various reasons,\u201d she told CNBC\u2019s \u201cStreet Signs Asia.\u201d Feed and fertilizer costs for farming are already rising, and energy prices are adding to freight costs, she added.<\/p>\n

\u201cSo there is a risk that we see more protectionism from countries,\u201d said Varma.<\/p>\n

Nevertheless, she maintained that risks to rice are still low as global rice inventories are ample and harvests in India are expected to be good this summer.<\/p>\n

Russia\u2019s war on Ukraine has driven up wheat prices. Both countries are major exporters of wheat, and Russia\u2019s invasion has disrupted farming and blocked grain exports from the country. Wheat prices have soared more than 50% since a year ago.<\/p>\n

On Monday of last week alone, they jumped 4% after the Russian military destroyed one of Ukraine\u2019s largest grain exporting terminals, according to Reuters, citing Ukrainian authorities.<\/p>\n

Thailand and Vietnam were in talks on a deal to increase the price of their rice exports, according to a Reuters report citing a Thai government official in late May. Four exporters told Reuters that rice traders have been buying more Indian rice in the last two weeks, according to a June 6 report.<\/p>\n

India and China are the world\u2019s top two producers of rice, accounting for more than half of the global total, according to the World Economic Forum. Vietnam is the fifth-largest, while Thailand is in sixth place.<\/p>\n

India imposed export bans on wheat in May, citing a need \u201cto manage the overall food security of the country.\u201d It also slapped restrictions on sugar just days after the wheat ban.<\/p>\n

Nafees Meah, regional representative for South Asia at the International Rice Research Institute, added that energy costs, which have been rising globally, are a big part of rice production costs.<\/p>\n

The U.N.\u2019s food price index showed prices are now 75% above pre-pandemic levels, said Frederique Carrier, managing director and head of investment strategy for RBC Wealth Management.<\/p>\n

\u201cPandemic-related labor shortages and Russia\u2019s invasion of Ukraine have aggravated the situation by both curtailing food supply and pushing up energy prices even further,\u201d she wrote in a June report.<\/p>\n

About a third of food production costs are energy-related, Carrier said. Fertilizer in particular is very energy-intensive to produce and prices have soared since last year.<\/p>\n

Guest Editorial<\/b><\/p>\n

For More News And Analysis About Gambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Gambia. The prices of many foods, ranging from wheat and other grains to meat and oils, have shot up. That\u2019s been driven by a slew of factors, including the rising cost of fertilizer and energy in the past year as well as the Russia-Ukraine war. Food export bans or serious disruptions have included […]<\/p>\n","protected":false},"author":84,"featured_media":18175,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3,8],"tags":[2355,2361,260,5910,7252],"class_list":["post-18176","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-community","category-homepage-english","tag-africa-press","tag-africa-press-gambia","tag-gambia","tag-global","tag-soaring"],"yoast_head":"\nGlobal food prices are soaring! - Gambia<\/title>\n<meta name=\"description\" content=\"The prices of many foods, ranging from wheat and other grains to meat and oils, have shot up. 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