{"id":544646,"date":"2022-03-14T03:55:12","date_gmt":"2022-03-14T03:55:12","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/14\/think-food-prices-are-high-now-the-un-is-warning-that-they-could-skyrocket-another-22\/"},"modified":"2022-03-14T03:55:12","modified_gmt":"2022-03-14T03:55:12","slug":"think-food-prices-are-high-now-the-un-is-warning-that-they-could-skyrocket-another-22","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/14\/think-food-prices-are-high-now-the-un-is-warning-that-they-could-skyrocket-another-22\/","title":{"rendered":"Think food prices are high now? The UN is warning that they could skyrocket another 22%"},"content":{"rendered":"

<\/a> Think food prices are high now? The UN is warning that they could skyrocket <\/strong>another 22%<\/strong> and forecasts that the global food supply will continue to feel the impact of the conflict far beyond the current season. A report (pdf)<\/a> from the UN\u2019s Food and Agriculture Organization (FAO) finds that the \u201csudden and steep\u201d reduction in Black Sea grain and sunflower exports will likely continue to raise food prices in the months to come, a problem that will be exacerbated if the war drags on and energy prices remain high.<\/p>\n

Soaring oil prices shake already-struggling pandemic-beaten sectors, like airlines: <\/strong>After the conflict sent Brent crude prices to highs not seen in over a decade, investors are fleeing oil-dependent industries, the Financial Times<\/a> reported yesterday. This includes airlines, as well as companies that depend on oil for their manufacturing process: American Airlines\u2019 shares are down by almost a fifth this month, while shares of tyre manufacturer Goodyear Tire & Rubber have also been hit hard. The possibility of oil continuing to spike has left financial markets on edge, with economists at Goldman Sachs noting that the world could soon face one of the \u201clargest energy supply shocks ever.\u201d<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

10,481<\/p>\n<\/td>\n

\n

+0.3% (YTD: -12.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

8.25% deposit<\/p>\n<\/td>\n

\n

9.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,605<\/p>\n<\/td>\n

\n

-0.6% (YTD: +11.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,636<\/p>\n<\/td>\n

\n

+0.3% (YTD: +13.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,402<\/p>\n<\/td>\n

\n

+0.6% (YTD: +6.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,204<\/p>\n<\/td>\n

\n

-1.3% (YTD: -11.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,116<\/p>\n<\/td>\n

\n

+0.8% (YTD: -3.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 112.67<\/p>\n<\/td>\n

\n

+3.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 4.72<\/p>\n<\/td>\n

\n

+2.0%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,985<\/p>\n<\/td>\n

\n

-0.8%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 38,737<\/p>\n<\/td>\n

\n

-1.0% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 rose 0.3% at yesterday\u2019s close<\/strong> on turnover of EGP 601 mn (35.4% below the 90-day average). Local investors were net buyers. The index is down 12.3% YTD.<\/p>\n

In the green: <\/strong>Abu Qir Fertilizers (+3.5%), CIB (+2.4%) and Mopco (+2.1%).<\/p>\n

In the red: <\/strong>Qalaa Holdings (-4.1%), Heliopolis Housing (-3.8%) and MM Group (-2.7%).<\/p>\n

It\u2019s a mixed open in Asia this morning:<\/strong> Chinese shares are in the red with the Hang Seng suffering the heaviest losses (-3.1%) after Beijing placed the entire city of Shenzhen under lockdown following a spike in covid cases. Others such as the Nikkei (+0.6%) and the ASX (+1.1%) are seeing gains.<\/p>\n

It\u2019s a different story in Europe and the US<\/strong>, where stock futures have exchanges to open in the green across the board. Oil prices are continuing to slide this morning on optimism that Russia and Ukraine are edging closer to a peace agreement. Brent was down 2.8% to USD 109 a barrel at the time of dispatch.<\/p>\n","protected":false},"excerpt":{"rendered":"

Think food prices are high now? The UN is warning that they could skyrocket another 22% and forecasts that the global food supply will continue to feel the impact of the conflict far beyond the current season. A report (pdf) from the UN\u2019s Food and Agriculture Organization (FAO) finds that the \u201csudden and steep\u201d reduction […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[317,93,72,119,182,91,122,1341,7085],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544646","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-commodities","tag-energy","tag-enterpriseam","tag-financial-markets","tag-inflation","tag-oil-and-gas","tag-planet-finance","tag-russia-ukraine-conflict","tag-un","wpautop","entry"],"acf":{"mongo_id":"1187fb12-235b-468f-967c-0f3ef138c3ba","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[544622],"teaser":"","voice_url":""},"yoast_head":"\nThink food prices are high now? 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The Food and Agriculture Organization (FAO) index fell 8.6% to 140.9 points during the month, marking\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544568,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/govt-to-shoulder-the-burden-of-unprecedented-food-energy-price-spikes-madbouly\/","url_meta":{"origin":544646,"position":1},"title":"Gov\u2019t to shoulder the burden of \u201cunprecedented\u201d food, energy price spikes -Madbouly","author":"enterpriseam admin","date":"10 March 2022","format":false,"excerpt":"The world has seen an \"unprecedented\" increase in the prices of strategic goods over the past two weeks on the back of the conflict in Ukraine, Prime Minister Moustafa Madbouly said in a press conference yesterday laying out the government\u2019s response to the crisis (watch, runtime: 40:41). Russia\u2019s invasion of\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/121.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544757,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/20\/rising-food-prices-continue-to-dominate-the-conversation-on-the-airwaves\/","url_meta":{"origin":544646,"position":2},"title":"Rising food prices continue to dominate the conversation on the airwaves","author":"enterpriseam admin","date":"20 March 2022","format":false,"excerpt":"Rising food prices and the wheat supply crisis were once again the main topics of discussion on our airwaves last night. Supply Minister Ali El Moselhy and Deputy Supply Minister Ibrahim Ashmawy did the rounds on the talk shows to reassure viewers about rising food prices and the impact of\u2026","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":545728,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/food-is-more-expensive-than-ever-em-funds-brace-for-a-tough-year\/","url_meta":{"origin":544646,"position":3},"title":"Food is more expensive than ever + EM funds brace for a tough year","author":"enterpriseam admin","date":"10 April 2022","format":false,"excerpt":"Global food prices surged to a new all-time high in March as the Russia-Ukraine war battered already inflated commodities and grains markets, according to new UN data released Friday. The FAO Food Price Index rose to 159.3 points in March, up 34% y-o-y and eclipsing its record in February by\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544670,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/15\/food-prices-were-still-the-topic-du-jour-on-the-airwaves-last-night\/","url_meta":{"origin":544646,"position":4},"title":"Food prices were still the topic du jour on the airwaves last night","author":"enterpriseam admin","date":"15 March 2022","format":false,"excerpt":"The Sisi administration\u2019s bid to tamp down rising food prices dominated the airwaves last night after Prime Minister Mostafa Madbouly set up a committee to look into measures to limit the rise in price of strategic commodities. Committee members will meet weekly to stay on top of the economic situation,\u2026","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":542640,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/09\/food-prices-surge-28-in-2021-us-is-now-the-worlds-biggest-lng-exporter\/","url_meta":{"origin":544646,"position":5},"title":"Food prices surge 28% in 2021 + US is now the world\u2019s biggest LNG exporter","author":"enterpriseam admin","date":"9 January 2022","format":false,"excerpt":"Global food prices soared as much as 28% in 2021 to the highest level in ten years, driven by poor weather, rising commodities prices and supply chain disruption, according to figures from the UN Food and Agriculture Organization (FAO).Little respite: Prices fell back slightly in December, but according to FAO\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544646","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=544646"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544646\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/544622"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544646"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544646"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}