World food prices rose for the third consecutive month in December, as a strong rally in vegetable oil prices drove the FAO Food Price Index to its highest level in five years. The FAO Food Price Index averaged 181.7 points during the month, a 2.5 percent increase from November and the highest level since December 2014.
The IMF has presented a report to Argentine authorities with specific recommendations for developing a new, nationwide consumer price index to replace the much-criticized current index, the fund said in a press release Monday.
Brazil's general price index, or IGP-M, rose 1% month-on-month in February, compared to 0.79% rise in January, the Getulio Vargas Foundation said Friday. Economists' had forecast the index to rise 1.01%.
World food prices surged to a new historic peak in January, for the seventh consecutive month, according to the updated FAO Food Price Index, a commodity basket that regularly tracks monthly changes in global food prices.
The United Nation's Food and Agricultural Organization, FAO, global food prices index reached a record high in December, 2010 reported the organization this week. The FAO food index tracks a basket of 55 key food commodities including items such as wheat, cooking oil and fats and sugar.
The Governor of the Bank of England warned of the dangers of ‘destructive’ high inflation after admitting his surprise that the rise in the UK cost of living continues to overshoot targets, according to a report in the Daily Mail.