The Food and Agriculture Organization Price Index, which covers global commodity prices has seen the fastest monthly gain in May, in a decade. It has seen nearly 4.8 percent gains month-on-month (MoM) in the global food prices and nearly 40 percent jump year-on-year (YoY).
The cereal price index has gained 6 percent MoM and within that wheat prices have risen nearly 6.8 percent. Maize has been the major gainer in the global markets where prices have jumped by 90 percent.
The vegetable price index in the last one year has gone up 65 percent and risen 7.8 percent MoM. The sugar price index is up 6.8 percent MoM, while the meat price index has gained 2.2 percent. The dairy price index too has seen a gain of 1.8 percent MoM.Watch the video for more.