Global food prices surge to their highest level in a decade
CNN
Global food prices rose for the 12th month in a row in May, up nearly 40% year over year, according to the United Nations' food price index. Average prices are at their highest point in nearly a decade.
Last month was also the sharpest monthly rise in average food prices in over a decade, spiking 4.8% from April to May. Abdolreza Abbassian, senior economist for the UN Food and Agriculture Organization, says surprising demand for corn in China, an ongoing drought in Brazil and increased global use of vegetable oils, sugar and cereals has caused prices to surge rapidly around the globe.
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