In January, prices fell for most types of products. The increase in supply and decrease in demand had an effect.
World food prices continue to decline and in January compared to December 2023 decreased by 1%. This was reported in the monthly report of the FAO (Food and Agriculture Organization of the United Nations), reports Interfax-Ukraine.
The document states that the December price index has been revised.
The grain price index decreased by 2.2% in January compared to December. The fall in wheat prices is due to competition between exporters, as well as grain entering the market from the Southern Hemisphere. Corn prices fell sharply as harvest began in Argentina, the report explained.
The meat price index fell 1.4%, recording a seventh straight month of decline. The decrease in chicken prices is due to weak demand and high supply. Pork prices fell as China reduced purchases while increasing its own production. Beef prices also fell, while lamb prices rose due to high import demand.
The vegetable oil price index rose just 0.1%. With the increase in the price of palm and sunflower oil, the price of soybean and rapeseed oil has decreased.
The price index for dairy products remained almost unchanged compared to December’s revised value. International price quotes for butter and whole milk powder rose in January largely due to higher demand from Asian buyers, which roughly offset declines in skim milk powder and cheese prices.
The sugar price index rose 0.8%. The increase was explained by concerns about insufficient rainfall in Brazil and the impact of this factor on the sugarcane harvest. Unfavorable forecasts are also given for production in Thailand and India, the leading countries producing this product.
Let’s remember that last year world food prices dropped by 11%. However, world prices for vegetable oils, dairy products, and sugar have increased.
Some Ukrainian families are experiencing food shortages – UN
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.