Wheat prices have risen on international markets following India’s announcement of a ban on exports of the basic commodity, as well as reduced production prospects in Ukraine following Russia’s invasion, according to the UN food agency.
In May 2022, the Food and Agriculture Organization’s (FAO) Price Index averaged 157.4 points, down 0.6% from April.
However, the index, which analyses monthly changes in the international prices of a basket of regularly traded food items, was 22.8 percent higher in May 2021 than in May 2021.In May, the FAO Cereal Price Index averaged 173.4 points, up 3.7 points (2.2%) from April and up to 39.7 points (29.7%) more than the May 2021 reading.
“International wheat prices rose for the fourth month in a row in May, rising 5.6% to an average of 56.2% over last year’s value and only 11% below the record high attained in March 2008,” it stated on Friday.
“The sharp rise in wheat prices was in response to India’s announcement of an export embargo, which came amid concerns about crop conditions in numerous key exporting countries, as well as reduced production prospects in Ukraine due to the war,” it stated.
Featured Image: Pixabay
💫FOLLOW US FOR MORE UPDATES. ❌WE DO NOT HAVE IRRITATING AND SPAMMY NEWSLETTERS. ✅EVERYTHING IS AND WILL BE FREE FOREVER. SEE YOU AGAIN IN YOUR STORIES AND FEED 🙂
