Friday, 04 June 2021 10:15

Global food prices rise at rapid pace in May

Written by  Staff Reporters
The FAO Cereal Price Index rose 6%, led by international maize prices. The FAO Cereal Price Index rose 6%, led by international maize prices.

Global food prices rose at their fastest monthly rate in more than a decade in May, the Food and Agriculture Organization of the United Nations (FAO) has reported.

The FAO Food Price Index averaged 127.1 points in May, 4.8% higher than in April and 39.7% higher than in May 2020.

A surge in the international prices of vegetable oils, sugar and cereals led the increase in the index to its highest value since September 2011 and only 7.6% below its all-time peak in nominal terms.

The FAO Cereal Price Index increased 6% from April, led by international maize prices, which averaged 89.9% above their value a year earlier.

The FAO Vegetable Oil Price Index gained 7.8% in May, mainly reflecting rising palm, soy and rapeseed oil quotations.

The FAO Sugar Price Index increased by 6.8% from April, due largely to harvest delays and concerns over reduced crop yields in Brazil, even as large export volumes from India contributed to easing the price surge.

The FAO Meat Price Index increased by 2.2% from April, with quotations for all meat types rising due to a faster pace of import purchases by China, as well as rising internal demand for poultry and pig meats in the leading producing regions.

The FAO Dairy Price Index rose by 1.8% in May, averaging 28% above its level of May 2020. The increase was led by solid import demand for skim and whole milk powders, while butter prices declined for the first time in almost a year on increased export supplies from New Zealand.

More like this

FAO Food Price Index inches up

The benchmark for world food commodity prices increased for the third consecutive month in May, as higher prices of cereals and dairy products outweighed decreases in quotations for sugar and vegetable oils, the Food and Agriculture Organization of the United Nations (FAO) reports.

Let's take our hats off to dairy farmers!

It’s World Milk Day today (June 1), a time to celebrate the vital role that milk, and dairy products play in our lives and acknowledge the tremendous contributions of the New Zealand dairy sector.

Featured

Red tape 'blocking access to crop production products'

Outgoing chief executive of Horticulture New Zealand, Nadine Tunley has taken a swipe at government agencies for the “costly and lengthy regulatory approval process” to get new crop protection products registered.

Farmers back ACT MP's bill

ACT MP and Northland dairy farmer Mark Cameron is lodging a new member’s bill that would prevent regional and district councils from regulating greenhouse gas emissions.

National

Govt unveils climate strategy

The Government has launched its new Climate Strategy, which it says is a comprehensive and ambitious plan to reduce the…

Machinery & Products

More efficient jumbo wagons

In a move that will be welcomed by many, Austrian manufacturer Pottinger appears to be following a trend of bringing…

Fieldays' top young innovator

Growing up on a South Waikato sheep and beef farm, Penny Ranger has firsthand experience on the day-to-day challenges.

Claas completes 500,000th machine

Claas is celebrating half a million combine harvesters built since 1936, marking the occasion by building anniversary machines from the…

Donated tractors welcome news

When Cyclone Gabrielle hit in February 2023, it left an estimated $13.5 billion worth of damage across New Zealand.

» Latest Print Issues Online

The Hound

Fieldays focused

OPINION: Your old mate had a wee crack at Fieldays recently for the perception it was more focused on quantity…

'Woke madness'

OPINION: Real estate agent Janet Dickson's court case, following her refusal to complete a compulsory Māori culture course, is being watched…

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter