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The benchmark food price index published by the United Nations' Food and Agriculture Organization, which tracks the prices of meat, dairy, cereals, vegetables oils and sugar, has hit the highest level in nearly 10 years.    © Reuters
Market Spotlight

Decade-high food prices hit Asian consumers and businesses

Bread and mayonnaise costs surge in South Korea and Japan as Thai farmers gain

KENTARO IWAMOTO, Nikkei staff writer | Singapore

SINGAPORE -- The impact of the soaring prices of agricultural staples from wheat to vegetable oils to sugar over the past few months is now hitting consumers and businesses in Asia.

Food manufacturers are offloading higher prices to households, which is weighing on consumption and potentially subduing any economic recovery from the COVID-19 pandemic in some countries. Some exporters and farmers are, however, benefiting from the favorable market conditions.

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