Global food product prices hit their highest levels for two years at the end of the year mainly due to the prices of meat and vegetable oils. The FAO's price index was up 9.5% in November 2019 compared to the same month in 2018. The price of vegetable oils rose 10.4% in November, driven in particular by palm oil, demand for which grew because of its use in biofuel production. Meat prices increased 4.6%, recording their highest monthly rise in ten years. The prices of beef and lamb have risen strongly since the growth in Chinese imports. Cereal prices, meanwhile, have fallen by 1.2% because of fiercer competition between exporter countries. The price of milk has also increased because seasonal production has fallen in Europe, with no rise in global demand.
Source: FAO
