Poor wheat harvests and the rising cost of vegetable oils have pushed world food prices to their highest since July 2011 – and the price of a packet of pasta could rise 18p, experts warn.
The United Nations’ Food and Agriculture Organisation (FAO) said reduced harvests by big exporters like Canada, Russia and the United States helped drive up wheat prices by 5 per cent, while the FAO’s Vegetable Oils Price Index soared 9.6 per cent in October, hitting an all-time high.
Migrant worker shortages in Malaysia were also a factor in that increase.
There are fears in Italy that the price of pasta could soar in time for year-end holidays. The country imports about 40 per cent of its durum wheat, with Canada its principal supplier, to help produce its pasta.
Experts have warned the price of a package of pasta could jump by 20 euro cents (about 18p, or almost 24 US cents), which, for many popular brands, could mark a 15 to 20 per cent increase in price.
The FAO’s Cereal Price Index rose by 3.2 per cent from September to October, with global cereal inventories “seen heading for a contraction in 2021/22,” according to the agency’s forecast. That prediction reflects cuts to the estimates of wheat production in Iran and Turkey as well as the US.
Higher costs of energy and rising supply chain prices have also been cited as reasons for increasing food prices.
In contrast, global sugar prices eased 1.8 per cent in October, ending a run of six straight monthly rises, according to the FAO.
Additional reporting by AP/Reuters