UN Warns of Social Unrest as Food Prices Spike

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Food prices have risen 15% in Brazil, it’s highest level in two decades, while UN data shows they’ve jumped across the board in 2020. “The Cereal Price Index averaged 115.7 points in December, up 1.3 points (1.1 percent) from November, marking the sixth consecutive monthly rise,” UN said, adding: “Wheat export prices rose further in December, reflecting tightening supplies among major exporters, concerns over growing conditions in parts of the United States of America and the Russian Federation as well as expectations of lower than-earlier-anticipated wheat shipments from the Russian Federation following its announcement of an export tax/quota. Among coarse grains, sorghum prices rose sharply in December, as sales from the United States of America, mostly to China, remained robust. Maize export prices moved higher, sustained by continued concerns over crop prospects in South America, with a spillover from sharp increases in soybean prices adding further support. International rice prices…

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