Index down again led by lower wheat and maize prices
The benchmark for world food commodity prices fell further in January, led by decreases in the prices for cereal and meat, says the Food and Agriculture Organization of the United Nations (FAO).
That’s according to the Food and Agriculture Organization of the United Nations (FAO) which released its monthly index on Friday.
The FAO Food Price Index tracks monthly changes in the international prices of a set of globally-traded food commodities.
The FAO Cereal Price Index decreased by 3% from October. International prices of coarse grains dropped 5.6%, led by a sharp fall in maize prices, while those of wheat declined by 2.4% in November.
The Vegetable Oil Price Index, meanwhile, increased by 3.4% from October. International palm oil prices rebounded by more than 6% in November, chiefly underpinned by more active purchases by leading importing countries and seasonally lower outputs in major producing countries.
The FAO Dairy Price Index also saw a rise, up 2.2% from October, led by high import demand for butter and skim milk powder from Northeast Asian buyers, along with increased internal demand ahead of the winter holidays in Western Europe.
The Sugar Price Index rose by 1.4% month on month, averaging in November as much as 41.1% higher than its level in the same month last year, influenced by heightened concerns over global export availabilities amid worsening production prospects in two leading exporting countries, Thailand and India, due to severe dry weather conditions associated with the El Nino event.
The FAO Meat Price Index dipped 0.4% from October, reflecting minor drops in the world prices of poultry, pig and bovine meats, driven mostly by ample exportable supplies.
