World food prices jumped to an almost six-year high in November and saw the biggest m-o-m rise since July 2012 as the pandemic exacerbates global food insecurity, according to an index published by the UN’s Food and Agriculture Organization (FAO). The index measures the change in the price of a food basket and averaged 105 points in November compared to 101 points in October.

Kuwaiti voters were not happy with their previous lawmakers, replacing more than half of sitting MPs in what commentators have described as a public expression of dissatisfaction with parliament’s performance as the economy struggles amid a global oil slump, Bloomberg reports.

IN DIPLOMACY: Iraqi officials are planning to exempt certain Egyptian exports from customs duties, according to a document seen by Al Watan. The industries include building materials and chemicals, pharma, textiles, and metals and refractories. Egypt and Iraq have recently bolstered diplomatic ties, with both countries signing a flurry of agreements in late October that cover everything from energy to boosting exports.

ON THE TRADE FRONT- Egypt will have spent EGP 28 bn on export subsidy programs in 2019 and 2020 by the end of the year, with EGP 20 bn going to the immediate payment scheme, Finance Minister Mohamed Maait said at a press conference.