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World Food Prices Records Increase



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The United Nations food agency has said that the World food prices increased in January, buoyed by a rebound in dairy prices and stronger showings for vegetable oils and sugar.

The Food and Agriculture Organisation’s (FAO) food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 164.8 points last month against 161.8 in December.

Despite the increase, the index was still 2.2 per cent below its January 2018 level. The FAO dairy price index jumped 7.2 per cent from December’s value, ending seven months of declines.

FAO also said that  limited export supplies from Europe, caused by strong internal demand, led to the increased.

FAO’s vegetable oil price index rose 4.3 per cent from the previous month, while its sugar index rose 1.3 per cent and its cereal index made marginal gains in December. However, the meat price index recorded no increase.

FAO lifted its latest world cereal production forecast for 2018 to 2.611 billion tonnes, slightly higher than the December reading, reflecting upward revisions for maize, wheat and rice.

The organisation said that most of the projected growth is associated with expected increase in Europe, where beneficial weather has so far shored up yield prospects while also sowings are forecast to expand, largely driven by attractive prices.

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