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LONDON (FINANCIAL TIMES) - Global food prices have surged by the biggest margin in a decade, as one closely watched index jumped 40 per cent in May, heightening fears that the inflation initially stoked by pandemic disruption was accelerating.
The year-on-year rise in the UN Food and Agriculture Organizations monthly index was the largest jump since 2011, as commodity prices surged. The higher inflation will hit poorer countries reliant on imports for staple goods. For richer countries, the cost of raw ingredients accounts for only part of the overall price paid for products at supermarkets and restaurants.
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