Global food prices likely to soar higher – WTO ...News

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Global food prices likely to soar higher – WTO
The costs went up nearly 20% in 2022, according to the trade body Food prices surged 18% globally last year, including a 21% rise in the cost of grain, the World Trade Organization (WTO) estimated in its Global Trade Outlook published on Wednesday. According to the trade body, fertilizer prices saw an even larger increase of 63% year-on-year. The WTO noted that, in theory, higher food costs “should encourage more agricultural production, resulting in greater availability and lower prices for food in the future,” but warned that move expensive fertilizers could lead to reduced crop yields and, ultimately, new price

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