World Food Import Bill Increases By 10%

There has been a ten percent increase in the world food import bill over the last 12 months.

According to a new report released on Friday by the Food and Agriculture Organization of the United Nations, it is estimated the food bill has risen to US$1.94 trillion.

The report warns that “These are alarming signs from a food security perspective, indicating importers are finding it difficult to finance rising international costs, potentially heralding an end of their resilience to higher international prices.”

The Food Outlook report adds existing differences are likely to become more pronounced, with high-income countries continuing to import across the entire spectrum of food products, while developing regions increasingly focus on staple foods.

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