Global food prices surged for the third month in a row in August, the highest they’ve been since February, according to the latest report by the Food and Agriculture Organization (FAO) of the United Nations.
Vegetable prices jumped 6.4% from July, while egg prices increased 11.3% as a result of demand surpassing supply levels. And average sugar prices were up 6.7% from July as a result of poor weather conditions and strong import demand in China, reports the FAO. The price of vegetable oil price index also rose by 5.9%,
The FAO Dairy Price Index was unchanged from July, while the Meat Price Index was also mostly unchanged since July, down 8.9% from August, as a result of lower imports of poultry from China. The FAO averaged 96.1 points in August, up 2 percentage points from 94.3 in July.
While supply chains have been stressed due to high demand during the pandemic, experts say there is no looming food shortage ahead. Comsumers, meanwhile, seem to be spending more money on groceries. Separate data from customer data science firm Dunnhumby, released last month, found that 48% of Americans are spending more money on food, while 42% have noticed rising food prices.