UN: World food prices hit new peak; wheat harvests a factor

ROME (AP) — The United Nation’s Food and Agriculture Organization says world food prices are the highest since July 2011, reflecting reduced wheat harvests and higher palm-oil prices. The Rome-based agency said Thursday that international prices of its sample food commodities basket rose by 3% in October, for a third straight month of increases. Reduced harvests by big exporters like Canada, Russia and the United States helped drive up wheat prices by 5%, while the Vegetable Oil Price Index soared by 9.6% in October, hitting an all-time high. Migrant worker shortages in Malaysia were a factor. Italy, a major pasta exporter as well as consumer, fears that product’s prices could soar in time for year-end holidays.