The latest Food Outlook of the Food and Agriculture Organization (FAO) of the United Nations statistics report that the cost of food import of the Least Developed Countries (LDCs) is likely to increase by 13 per cent in the current year. Moreover, it is likely to rise to US$ 1.318 trillion this year globally.
Quoting the FAO report, Third World Network (TWN) said that global food import cost is going to increase by 10.6 percent or $127 billion from 2016. A biannual report on global food markets, the FAO also said the increased cost of importing food is in part a reflection of rising freight costs and higher volumes.
-AA Business Desk
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