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In February world food prices they declined slightly, continuing a series of cuts they’ve introduced over the past 11 months, the Food and Agriculture Organization of the United Nations (FAO) said.
As reported, the FAO index, which follows the evolution international prices basket of staples fell 0.6% from what was recorded in January.
Among the goods that fell in price are vegetable oils by 3.2% and dairy products by 2.7%.
Despite these cuts, FAO acknowledges that inflation food prices are reaching prohibitive levels in many countries.
In addition, it is indicated that sales of some products offset the increase in sugar prices, which rose by an average of 6.9% worldwide. In doing so, it reached its highest level in six years.
FAO points out that this record increase is largely due to a downward revision of the forecast production from 2022 to 2023 in Indica.
On the other hand, international prices for grains such as wheat remained “virtually unchanged” from January.
Wheat prices rose slightly on concerns about drought in the United States, but “strong competition among exporting countries” limited growth.
On the other hand, FAO has also published its forecasts for world wheat production in 2023. The UN agency forecasts a harvest of about 784 million tons, the second largest ever recorded, thanks in part to US farmers expanding their fields, helped by rising grain prices.
(According to AFP agency).
Source: RPP
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.