Global Markets: Cost of food rises globally in July

Index increases from 93.1 to 94.2

By MarketsFarm

WINNIPEG, Aug. 6 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– The world food price index increased in July, according to a report from the United Nations Food and Agriculture Organization on Thursday. The FAO said a basket of cereals, oilseeds, dairy products, meat and sugar averaged 94.2 points in July, up from the revised June figure of 93.1. The report noted that increases in prices for vegetable oils, dairy and sugar outweighed a decrease for meat, while cereal prices were steady.

– The death toll from Monday’s massive explosion in Beirut has climbed to 137 with 5,000 wounded on Thursday. About 2,750 tonnes of ammonium nitrate caught fire, causing a blast that registered 3.3 on the Richter scale. Initial estimates of the damage cause to the Beirut’s port and the city itself jumped from about US$5 billion to as much as US$15 billion. Reports stated that a number of port officials were arrested.

– A poll conducted by KPMG and released on Thursday, found that more than half of Canadian employees working from home due to the COVID-19 pandemic are worried about returning to their workplaces. More than 1,000 Canadians were surveyed online, of which 54 per cent said they would refuse to return if they believed their workplace was still unsafe. Also, 71 per cent said they are worried about using public transit when commuting to and from work.

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