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Home NEWS Iran FAO Food Price Index rises for fourth consecutive month, with prices of most commonly-traded food commodities up

FAO Food Price Index rises for fourth consecutive month, with prices of most commonly-traded food commodities up

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FAO Food Price Index rises for fourth consecutive month, with prices of most commonly-traded food commodities up

averaged 182. 5 points during the month, up 0. 7 percent from December and 11. 3 percent higher than the same month a year earlier.

Vegetable oils, sugar, and wheat were the chief drivers of the index, which tracks monthly changes in the international prices of commonly-traded food commodities.

The FAO Vegetable Oil Price Index increased 7. 0 percent for the month, hitting a three-year high as prices for palm, soy, sunflower and rapeseed oils all rose.

The FAO Sugar Price Index rose 5. 5 percent, propelled by expectations of much lower sugar output in several major producing countries.

The FAO Cereal Price Index rose 2. 9 percent from December, led by higher wheat prices, followed by maize and rice.

The FAO Dairy Price Index rose 0. 9 percent, buoyed by strong import demand for butter, cheese and skim milk powder.

The FAO Meat Price Index, meanwhile, reversed an 11-month upward streak and declined 4. 0 percent during the month because of reduced purchases from China and the Far East as well as large export availabilities of pig and bovine meats.

FAO also issued a new forecast for world cereal production in 2019, anticipating a record high of 2 715 million tonnes, a 2. 3 percent increase from the previous year.

FAO raised its forecast for world cereal utilization in 2019/20 to 2 714 million tonnes, up 1. 2 percent from the previous year.

World cereal stocks by the close of seasons in 2020 are expected to amount to 863. 3 million tonnes, marginally lower than their opening levels. The resulting global cereal stock-to-use ratio is now projected at 30. 9 percent, a comfortable level by historical standards.

World trade in cereals in 2019/20 is anticipated to rise 2. 3 percent to 420. 2 million tonnes, the second highest on record, led by increasing shipments of wheat from the European Union and Ukraine to Asia.

 

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