Price indices for all major food groups have been declining for six consecutive months. The only exception is grains, where growth is observed against the backdrop of uncertainty regarding the extension of the grain agreement on exports from Ukraine.
In September, global food prices fell for the sixth consecutive month after a record high in March 2022. At the same time, a sharp drop in quotes for vegetable oils more than compensated for increase in grain prices. On Friday, October 7, the FAO (Food and Agriculture Organization of the United Nations) report.
It was noted that the FAO food price index in September reached 136.3 points, which is 1.1% lower than in August, but remains 5.5% higher than a year earlier. The index tracks monthly changes in world prices for a basket of widely traded food commodities.
The FAO Vegetable Oil Price Index fell 6.6% in the month to reach its lowest level since February 2021. International quotes for palm, soybean, sunflower and rapeseed oils fell. The increase in sunflower oil supplies from the Black Sea region and the drop in crude oil prices contributed to the fall of this sub-index.
In contrast, the FAO Cereal Price Index rose 1.5% from August. World wheat prices jumped 2.2% amid uncertainty over the extension of a grain export agreement from Ukraine beyond November. Global corn prices were broadly stable as a strong US dollar countered pressure from a tighter supply outlook linked to deteriorating US and EU production prospects.
The FAO Dairy Price Index fell 0.6% on the month, largely reflecting the impact of a weaker euro against the US dollar, as well as market uncertainty and a gloomy outlook for global economic growth.
The FAO Meat Price Index fell by 0.5%. Global beef prices fell due to high exportability from Brazil and increased cattle removals in some producing countries, while chicken meat prices fell slightly due to weak export demand. imports. Conversely, global pork prices have risen due to a shortage of ready-to-slaughter animals in the European Union.
The FAO Sugar Price Index fell 0.7% in September, mainly due to good production prospects in Brazil, as well as lower ethanol prices and the impact of currency fluctuations.
It was previously reported that the UN Food Organization plans to open an office in Ukraine.
It will be remembered that the UN said that the export of grain through the Danube was not enough to prevent famine.
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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.