Commodity Champions: Food prices on the rise; here’s what it means according to experts

According to the Food and Agriculture Organisation of the United Nations (FAO), in May, global food prices rose at their fastest monthly rate in a decade. This is the 12th consecutive monthly rise, putting prices at their highest level since September 2011.

The surge comes despite world cereal production is expected to hit a record high. In fact, the FAO expects inflation to worsen owing to supply uncertainties in the face of growing global demand as economies unlock. High transport and input costs are only bound to compound the issue back home.

The jump in global commodity prices has resulted in household budgets being hit hard by a sharp increase in prices of edible oil and pulses for the past few months.