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Global prices nearing record levels, says Maybank Investment

20 Jun 2022 01:36pm
Maybank Investment says several Asean net exporters benefit from higher food prices, but labour shortages are constraining them from fully capitalising.
Maybank Investment says several Asean net exporters benefit from higher food prices, but labour shortages are constraining them from fully capitalising.

KUALA LUMPUR - Global food prices are reaching record levels due to the Russian-Ukraine war, sanctions, protectionism and volatile weather, said Maybank Investment Bank Bhd.

In a note today, it said Asean’s food Consumer Price Index (CPI) is rising but remains modest (4.2 per cent in April 2022) against other economies, due to food subsidies and price controls.

"Several Asean net exporters benefit from higher food prices, but labour shortages are constraining them from fully capitalising.

"There are signs that the food crisis may be near its peak, with moderating fertiliser prices, easing export curbs, and stabilising energy prices,” the research house said.

The United Nations Food and Agriculture Organisation said its gauge of global food costs fell 0.6 per cent in May from the previous month.

Vegetable oil prices declined 3.5 per cent, partly due to the removal of Indonesia’s export ban on palm oil.

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