Food prices are skyrocketing. Indeed, the Fao sugar price index averaged 106.7 points in May, an increase of 6.8 points (6.8%) compared to April.
It recorded its second consecutive monthly increase and reached its highest level since March 2017, according to a statement from FAO. “The rise in international sugar prices is mainly linked to fears about declining crop yields in Brazil, the world’s largest exporter of sugar, as a prolonged period of dry weather affected crop development”, indicates our sources who underline that international sugar prices have also benefited from the rise in crude oil prices and a further appreciation of the Brazilian real against the United States dollar, with shipments from Brazil trending to be reduced in this context.
The FAO also asserts that the tightening of world supplies has also supported the prices of all meat products, under the effect of multiple factors which range from the slowdown in slaughter, in the case of bovine meat and sheep meat. , the increase in domestic demand for poultry meat and pigmeat in the main production regions.