Against the background of decreasing indices for most types of food, the most noticeable is the increase in sugar prices.
World food prices have fallen for 11 consecutive months. In February, the price index was 129.8 points, down 0.6% from January and 18.7% below the peak reached in March 2022. This was reported by the Food and Agriculture Organization of the United Nations (FAO) on Friday, March 3.
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FAO Cereal Price Index remained largely unchanged from January. World wheat prices rose slightly last month as concerns about dry conditions in the US and strong demand for supplies from Australia were largely offset by strong competition among exporters.
FAO Vegetable Oil Price Index down 3.2% compared to January, while world prices for palm, soybean, sunflower and rapeseed oils fell.
FAO Dairy Price Index down 2.7% on the month, with the sharpest declines recorded among international quotes for butter and skimmed milk powder.
FAO Meat Price Index remained largely unchanged from January. World chicken prices continued to decline on the back of strong export supplies, while world pork prices rose, mainly due to concerns about limited export supplies in Europe .
The FAO Sugar Price Index rose 6.9% from January to the highest level in six years, largely due to a downward revision of the production forecast for 2022/23 in India.
The FAO also released its preliminary forecast for global wheat production in 2023, predicting global production of 784 million tonnes, the second highest on record, although lower than last year. In North America, a strong harvest is expected as farmers expand planting areas in response to high grain prices.
In the Southern Hemisphere, the outlook for feed crop production in 2023 is broadly positive, with total corn planting in Brazil forecast to reach a record high.
FAO also raised its forecast for global cereal production in 2022 to 2,774 million tons, still 1.3% lower than in 2021.
Global cereal consumption in 2022/23 is forecast at 2,780 Mt, down 0.6% from the previous season, mainly due to an expected reduction in the use of coarse grains.
It will be remembered that by the end of 2022, food prices in Ukraine will increase by 32.8%. At the same time, inflation accelerated to 0.8% in January.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.