Farmers and consumers hit by high pricesDOUBLE WHAMMY: Many farmers globally cannot afford spiking prices in agricultural production, while consumers are already being hit by rising costs of food, a report saidAP, ROMEFood import bills are expected to reach a record high this year, and food markets are likely to tighten globally, a new forecast by a UN food agency said. The outlook discussed how agricultural sectors are struggling with rising costs of production, especially fertilizer and fuel, which could trigger further increases in food prices. Spiking prices for agricultural production inputs, such as rising energy costs, could call into question whether the world’s farmers can afford to buy them, FAO experts in markets and trade wrote. Some North American farmers are shifting from corn to soy, which requires less nitrogen fertilizer, the report noted. All these factors point to “low (and falling) real prices for farmers, despite the high prices faced by consumers,” the FAO said.

Source: Taipei Times June 10, 2022 21:59 UTC