According to the FAO, world food prices have risen to their highest level in 10 years this October. The factor causing food prices to skyrocket is rising inflation and shortages of goods.
This was revealed by the publication of the monthly World Food Price Index by the Food and Agriculture Organization of the United Nations (FAO).
The price index for food increased by 3% in October compared to September, and by 31.3% compared to the same month last year. This is the highest value since July 2011.
Factors driving up food prices are inflation, supply chain disruptions, factory closures, and political tensions.
In addition, labor shortages are another factor driving up the cost of food production and transportation in many parts of the world.
The price of vegetable oil rose by 9.6% in October compared with September. Prices for cereals rose by 3.2% in October compared with September. The price of milk and dairy products rose by 2.2% compared with September.
Meat prices fell 0.7% but were still 22% higher than in October last year. Sugar prices fell by 1.8% compared to September, which is the first decline after 6 months of continuous increase.