The United Nations unveiled that global food prices have surged to the highest level in more than a decade, driven by robust demand, supply bottlenecks and lackluster harvests. According to an index published by the Food and Agriculture Organization of the United Nations (FAO), the October reading was the highest for the index since July 2011. On an annual basis, the index was up 31.3% in October. The September figure was previously given as 130.0.

Food prices increased for the third consecutive month in October, rising 3% over September. The FAO Food Price Index tracks monthly changes across a range of food commodities. The index has risen by more than 30% over the past year. It now stands at its highest level since July 2011, the FAO said on Thursday. The gains were particularly driven by a sharp rise in vegetable oil and wheat prices.