January 1, Inflation update: world food costs up 30% since 2020

The United Nations reports that world food prices have jumped to the highest level in over a decade.

According to an index published by the Food and Agriculture Organization of the United Nations (FAO), the index has risen over 30 percent this past year, now standing at its highest level since 2011.

The price of wheat jumped 5 percent in October because of reduced harvests from key exporters, including Canada, Russia, and the US.

The FAO cited high global demand as part of the reason for the dramatic jump in prices for products like milk powder, poultry, vegetable oils, and barley.

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World food prices are up 30% in a year