Biotech Updates

Global Food Prices Increase in January

February 9, 2022

World food prices went up in January due to the prices of vegetable oils and dairy products, according to the Food and Agriculture Organization of the United Nations (FAO).

In January 2022, the FAO Food Price Index averaged 135.7 points, which is 1.1 percent higher than in December 2021. The Index tracks monthly changes in the international prices of commonly-traded food commodities. Vegetable oils were the major contributor to the price increase. FAO reported that this increase was due to the reduced export availabilities on top of other supply-side constraints, especially labor shortages and unfavorable weather.

The prices of dairy products increased by 2.4 percent in January 2022, which is the fifth month of consecutive increase. This is attributed to reduced export availabilities from Western Europe and below-average expectations for milk production in Oceania in the months ahead, as well as the processing and transportation delays linked to COVID-19-related labor shortages.

Read more from FAO.

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