Global food prices surged in May by the most in a decade in the latest sign of rising food inflation, which has already climbed as a result of the Covid-19 pandemic.
China’s soaring appetite for grain and soyabeans, a severe drought in Brazil and the demand for vegetable oil for biodiesel have driven the UN Food and Agriculture Organization’s monthly food price index up 40 per cent in May compared with the same period last year.
That is the biggest jump since June 2011, when the index rose 41 per cent. The increase also brings the key benchmark for internationally traded agricultural commodities to its highest level since September 2011.
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