Food Inflation in Latin America Reached 10 % in October Highest in 3 Years
A report from October on Food inflation in Latin America and the Caribbean reached 10%, the highest rate in the last three years, said the regional office of the United Nations Organization for Food and Agriculture Organization (FAO).
The agency noted that the major economies of the region, such as Argentina, Brazil, Chile, Mexico and Venezuela, which together account for about two thirds of gross domestic product (GDP), have higher rates of food inflation above 9% between October 2011 and March this year.
“Driving the increases in food prices is key to ensure access to food for the people, especially the most vulnerable,” said FAO’s regional representative, Raul Benitez.
“The region is an absolutely key to global food production, so governments must learn to balance the benefits they bring high prices to strengthen food producers, especially to family farming,” added Benitez.
The regional office of FAO stressed that the rising price of food is four points above the overall inflation in the region, which remains around 6% since April.
Tomatoes, potatoes and squash were foods that had a greater impact on price changes, while the price of onion and lettuce fell in some countries in the region.
For Latin America by country, the largest increase in inflation in October was registered in Venezuela, with 18.7%, followed by Argentina (11%), Uruguay (10.7%), Brazil (10.4%) and Mexico ( 10.4%).
The lowest rates were recorded in Paraguay, where prices fell 3.3% in El Salvador, an increase of 0.4%, Aruba (0.5%), Costa Rica (3%) and Colombia (3.6%).
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