These are the Food Commodities with the Highest Price Increases in June 2022

Economics & Macro

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Viva Budy Kusnandar 18/07/2022 16:20 WIB

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Vegetable oils led the rise in global food prices in June 2022.

Global Food Price Index Percentage Increase by Commodity (June 2022)

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These are the Food Commodities with the Highest Price Increases in June 2022

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Global Food Price Index Percentage Increase by Commodity (June 2022)

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Vegetable oil (cooking oil) was the food commodity that experienced the highest price increase globally in June 2022.

The Food and Agriculture Organization (FAO) recorded that the average global vegetable oil price index had increased by 34.3% in June 2022 compared to June 2021 (year-on-year/yoy).

This means that the average global price of vegetable oil has increased by about one-third in the last year. This increase was the largest compared to the other four food groups.

The Russian invasion of Ukraine was one of the triggers for the surge in global vegetable oil prices. Ukraine is one of the largest producers of sunflower oil. However, in recent months, supply from Ukraine has decreased due to the invasion, while global demand is increasing with the recovery from the Covid-19 pandemic.

The next food commodity to record the largest increase was the cereals or grains group, where the global price index rose by 27.6% (yoy) in June 2022.

This was also influenced by reduced supply from Ukraine, which is a major global wheat exporter. Supply disruptions from Ukraine also contributed to higher prices for other grains.

Then, the global price index for the dairy group or milk and its processed products rose by 24.9% (yoy), the meat price index rose by 12.7% (yoy), and the sugar price index rose by 8.9% (yoy) in June 2022.

Overall, the global food price index rose by 23.1% (yoy) in June 2022. However, on a monthly basis, this food price index was lower than in April-May 2022.

The monthly decline was experienced, among others, by palm oil, whose price began to fall as supply improved from major producers such as Indonesia and Malaysia.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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These are the Food Commodities with the Highest Price Increases in June 2022

These are the Food Commodities with the Highest Price Increases in June 2022

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These are the Food Commodities with the Highest Price Increases in June 2022

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