Agriculture Industry

World food price index hits highest since 2014: FAO

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07 May 2021, New Delhi, IN: World food prices increased for a 11th consecutive month in April, hitting their highest level since May 2014, with sugar leading a rise in all the main indices, the United Nations food agency said on Thursday.

The Food and Agriculture Organization´s food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 120.9 points last month versus a revised 118.9 in March.

The March figure was previously given as 118.5.

The Rome based FAO also said that new forecasts pointed to growth in both world wheat and maize output in the coming season.

FAO´s cereal price index rose 1.2 per cent in April month on month and 26 per cent year on year. Worries about crop conditions in Argentina, Brazil and the United States pushed maize prices up 5.7 per cent last month, while wheat prices held largely steady.

By contrast, international rice prices slipped, FAO said.FAO´s vegetable oil price index rose 1.8 per cent on the month, pushed higher by rising soy, rapeseed and palm oil quotations, which offset lower sunflower oil values.

Dairy prices rose 1.2 per cent, with butter, skim milk powder and cheese all lifted by good demand from Asia, while the meat index climbed 1.7 per cent. FAO said both bovine and ovine meat quotations rose, supported by “solid demand” from East Asia.

After a sharp drop in March, sugar prices rebounded in April, posting a 3.9 per cent increase on the month and an almost 60 per cent surge on the year.

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