Global Food Prices On the Rise
Have you noticed your groceries costing more lately? Well, if so, it's not just your imagination. Global food prices rose by 1 percent in March, and there was a particularly large increase in the price of dairy products. According to the Food and Agriculture Organization of the United Nations, the price of dairy rose 22 points in its global food price index which measures food prices each month. That is an 11 percent increase, and one of the biggest jumps it has ever recorded.
According to the FAO, the current price index increase was caused by unusually hot temperatures and dry weather in Australia, New Zealand and their surrounding islands (leading to less milk production) paired with market uncertainty. The price of dairy in that region has surged and exported products have also increased. Weather in Europe has also contributed to the price increases as its spring milk production has been limited because of halted pasture growth.
How much more are you paying for dairy products today? We take a look back at how much the most common dairy items cost in recent years' past and how much they cost now. Check out the slideshow above to find out!
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