FAO: Food prices will continue to approach world record levels
PARIS. Food and Agriculture Organization (FAO) United Nations said that global wheat production is predicted level would not meet the existing demand levels.
FAO data on its official site says, the level of wheat production will rise 3.2% to 673.6 million metric tons in the season, which began in July. In fact, the level of demand to reach 677 million tons of wheat.
This will trigger a spike in food prices so volatile move until next year. In May, global food price index is reaching record levels in line with price hikes of meat and milk.
“The situation the price spike is not something that can be removed in one season. The fundamentals are still as they should be. Today is a very tight situation for all commodities,”said Abdolreza Abbassian, a senior economist at FAO based in Rome.
Notes only, the Food Price Index over 55 food commodities fell 1% to 232.4 points from 234.8 points in April. Last February, the food index is at a record high at 237.7 positions.
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