Just this week, the United Nations released its gauge of global food prices, which showed costs rose 2.1% in September, mainly driven by grains and vegetable oils. The index is approaching a multi-year peak set in January. The USDA figures show that the increases could continue as China imports more soybeans and wheat, tightening the global balance sheet.
Prices are rising as the world is forecast for a sharp rise in food insecurity because of Covid-19’s impact. As many as 132 million more people globally may fall into the grip of hunger this year, including in many places that used to have relative stability.
Here's the source report from Bloomberg
U.S. Crop Report Signals Worsening Global Food-Insecurity Crisis
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U.S. Crop Report Signals Worsening Global Food-Insecurity Crisis
By Michael Hirtzer and Megan Durisin- USDA cuts outlook for soy reserves, flags dry weather concern
- Tighter crop supplies could mean more global food inflation
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