Global food prices continue to rise
Global food prices — particularly of butter, milk and meat — continuously rose for the past ten months in March, according to the United Nations Food and Agriculture Organization last April 8.
The increase is due to a steady decline in production along with the burden of transportation restrictions that has remained for more than a year since the pandemic began. One example is the escalating prices of powdered milk prompted by lower production in Australia and New Zealand and a lack of containers for its transport. (It adversely affected the Philippines, which solely relies on the imported milk, including infant formula).
Meat prices slightly decreased last March, but remains higher compared to March 2020. The price decline was caused by an increase in Chinese production, where hog farms that were hit by African Swine Flu have been slowly recovering.
Wheat, corn, and sugar prices also dropped slightly, but like meat, prices of these commodities remain higher compared to the early months of 2020.