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World food prices hit a 10-year high; a factor in the wheat harvest: United Nations

New Delhi.The United Nations Food Agency said on Thursday that world food prices were the highest since July 2011, partly due to reduced wheat production and rising palm oil prices in major exporting countries.

The Rome-based Food and Agriculture Organization (FAO) said that the international price of its food package rose by 3% in October, the third consecutive month of increase. Production cuts in major exporting countries such as Canada, Russia and the United States pushed wheat prices up by 5%, while the vegetable oil price index surged 9.6% in October, setting a record high.

The FAO stated that the shortage of migrant workers in Malaysia is a factor contributing to this increase. As a major exporter and consumer of pasta, Italy is worried that product prices may soar before the year-end holiday. Italy imports about 40% of durum wheat, and Canada is its main supplier to help produce pasta.