The main increase in prices was recorded for grain, dairy products and sugar.
Dairy products
Dairy products increased in price by 3.4%, and compared to November 2020, the growth amounted to 19.1%.
The decrease in export supply and the decrease in stocks, as a result of the reduction in supplies from large countries, led to a continuing increase in the cost of butter and milk powder.
In addition, the continued high demand caused the price of cheese to rise.
Grain
One of the drivers of growth in world food prices was grain, which increased the cost by 3.1% — the price reached its maximum since May 2011.
Demand for high quality wheat continues to grow, while supply from major exporters is declining.
Market fears are growing amid a possible deterioration in the quality of Australian wheat and government regulation of exports by Russia.
Following wheat, prices for barley began to grow.
Sugar
Compared to dairy products and grain, the price of sugar in November increased by only 1.4%, while by November last year, the rise in price amounted to almost 40%.
Brazil, the largest sugar exporter, has increased the use of sugar cane for ethanol production, the price of which has increased significantly.
And the reduction in transportation tariffs increased the demand for sugar.
Against the background of the growth in the cost of many products, the prices for meat and vegetable oils in November, albeit insignificantly, decreased.
Vegetable oils
Due to the decline in quotations for soybean and rapeseed oil, as well as crude oil, the overall price for vegetable oils decreased by 0.2%.
Meat
The price of meat has been declining for the fourth month in a row, but, compared to November 2020, the growth remains at around + 17.6%.
The cost of pork is declining amid a decrease in purchases from China.
Due to the increase in supply from Australia, lamb was sharply cheaper.
The price of beef is stable so far: a slight decrease in the price of beef from Brazil compensated for the rise in prices for Australian meat.
The FAO Food Price Index, which tracks international price movements for five major food groups, stood at 134.4 points in November, the highest since June 2011.
The October figure was exceeded by 1.2%.
Compared to November 2020, the November 2021 index is 27.3% higher.
