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World food prices fell by 11% over the year

World prices for vegetable oils, dairy products, and sugar have risen. At the same time, grain and meat prices fell.

World food prices in November this year decreased by 10.7% compared to the same month last year, and did not change compared to the revised level of October. This was announced by the UN Food and Agriculture Organization FAO on Friday, December 8.

The FAO Food Price Index, which tracks monthly changes in international prices for a range of food products worldwide, stood at 120.4 points in November.

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Grain price index was 3% below October’s level and 19.4% below last year’s record. World prices for feed grains decreased significantly throughout the month – by 5.6%, which was mainly due to a sharp drop in world corn prices.
Vegetable oil price index up 3.4% compared to October after three months of steady decline. This is due to the increase in world prices for palm and sunflower oil, which more than compensated for the decrease in prices for soybean and rapeseed oil.
Dairy price index in November compared to October it increased by 2.2%. Growth continues for the second month in a row. But in annual terms prices fell by 16.9%.

In November, an increase in world quotations of butter and skimmed milk powder was recorded, which was associated with high import demand from North-East Asian countries, limited supplies and an increase in domestic demand on the eve of winter holidays in the West. Europe.

Meat price index last month compared to October was 0.4% lower compared to November last year – by 2.4%. These characteristics show a slight decrease in the prices of chicken, pork and beef.
Sugar Price Index in November increased by 1.4% compared to October and by 41.1% in annual terms.

The increase in sugar prices recorded in November was mainly due to growing concerns about a reduction in global export supply this season amid deteriorating harvests in Thailand and India, which are the main exporters.

The FAO Food Price Index is a weighted average that tracks the dynamics of international prices for five major food commodity groups.

Let us remind you that earlier the Ukrainian government reduced the list of socially significant products. Excluded from the list: granulated sugar, domestically produced pasta and butter with a fat content of 72.5%.

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Source: korrespondent

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