Global Markets: World food prices continue to rise

Prices up for eighth consecutive month

By MarketsFarm

WINNIPEG, Feb. 4 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Global food prices increased for an eighth consecutive month, according to the United Nations Food and Agriculture Organization (FAO) on Thursday. The FAO said the cost of a basket of cereals, oilseeds, dairy products, meat and sugar reached an average of 113.3 points in January, compared to the December average of 108.6. Higher domestic food prices in several countries due to strong export demand, along with lower incomes as a result of the COVID-19 pandemic were among the reasons cited for the increases.

– United States President Joe Biden on Wednesday reiterated his stance on US$1,400 direct payments to Americans. Biden said he’s willing to budge on the overall amount of his US$1.9 trillion economic stimulus package, but remained adamant that he would not accept lower direct payments. Republicans, in meetings with the president to build bipartisan support, countered with a US$618 billion package with reduced direct payments. Meanwhile, Biden has yet to rule out using the Democrat’s majorities in the House of Representatives and Senate to push through his proposal.

– As Canada’s airlines continue to struggle in the pandemic world, Air Canada announced on Thursday that it will suspend all Rouge flights beginning Feb. 8 until further notice. The move will result in the laying off of 80 employees at the Air Canada subsidiary. Recently, the Canadian government temporarily banned flights to and from sun destinations as a means to help contain the spread of COVID-19 and its more contagious variants.

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