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Food Prices Increase for Third Consecutive Month During Pandemic
For the third month in a row in August, global food prices have increased, “influenced by generally firmer demand and a weaker U.S. dollar,” according to a report by the Food and Agriculture Organization (FAO) of the United Nations.
The Food Price Index, which “tracks the international prices of the most commonly traded food commodities,” as explained by the FAO, shows that the price of grains, vegetable oils, and sugar are up. Vegetable prices went up 6.4% from July, while egg prices went up 11.3%.
According to Fox Business, the FAO averaged 96.1 points in August – up 2 percentage points from 94.3 in July.
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Despite supply chains experiencing high demand during the pandemic, “experts say there is no looming food shortage ahead,” Fox Business assured.
A July report published by AARP shares some suggestions for trimming one’s food budget, such as buying in bulk.
“Prices usually fall with larger amounts, provided you have the money to buy a family-sized package of ground beef. Just freeze what you don't use,” the report said.
The July AARP report also said that the U.S. Department of Agriculture “expects food prices to decline next year, as production could return to relatively normal levels.”
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