In October, the price of food around the world increased at the fastest pace in two years, according to the UN Global Food Price Index. The rapid increase is now threatening food affordability in developing countries. According to Bloomberg, India was experiencing an increase in notoriously volatile onion prices, while China was struggling with pork becoming more expensive.
In India, the price of onions has risen 26 percent year-on-year. To keep prices under control, the country has ordered in onions from abroad, with around 6,000 tons coming from Egypt in December and 11,000 more tons just ordered from Turkey for January. The onion price was as high as Rs. 120 ($1.68) per kilo as of Monday.
In China, pork prices doubled because of the swine fever epidemic in the country. Like in India, the food price increases have driven up overall inflation, which is expected to reach around 5 percent in the coming months in both countries. With the disease spreading to Vietnam, the country could be next to fall victim to a food price crisis.