On Thursday (6/7/12), the Food and Agriculture Organization of the UN (FAO) released it’s indices for food prices in international trade. Most of the news coverage was upbeat because May showed the largest drop in some time. For instance, the allAfrica website had a headline, “FAO Food Price Index Drops Sharply.” It was a 4% drop; however that comes after several months where the index stayed flat and failed to show the sort of major correction that occurred after the last spike (2007-9). Even with the drop in May, the index is still nearly as high as it’s highest level in that previous spike.
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The UN’s Food & Agriculture Organization has released its monthly index of global food prices for November, and it shows persistently high prices across major food categories.
The current food price spike is looking an awful lot like the similar rise in prices that occurred in 2008-09.