UN says food prices hit new 10-year peak in October

By the numbers: FAO's price index averaged 133.2 points in October, up 3% from September.

• The UN's food agency said the increase was in part caused by price hikes for cereals and vegetable oils.
• Its index for cereals increased by 3.2% from the previous month despite an expected record world cereal production this year. Lower harvests in the United States, Russia and Canada caused wheat prices to jump by 5%.
• Its vegetable oil index rose 9.6% — an all-time high — in part because of higher palm oil prices from labor shortages in Malaysia.

The big picture: There are indications that increasing food prices have contributed to political change and unrest in some countries this year.

• Sudan's former government, which was just dissolved during a military coup last month, declared a state of emergency in several regions in February after destructive protests over soaring food prices.

• Thousands of Cubans took to the streets over the summer to protest a lack of food and resources, shortages that were exacerbated by the coronavirus pandemic.
• Over the summer, many Argentinian farmers protested new beef export limits passed by their government in response to surging beef prices because of the pandemic.

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