Tuesday, December 07, 2021

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World food prices up for the eleventh consecutive month

World food prices up for the eleventh consecutive month

Rome, May 6 (Prensa Latina) The world food price index increased in April for the eleventh consecutive month, the Food and Agriculture Organization of the United Nations (FAO) reported today.
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In the fourth month of the year, this indicator grew 1.7 points, compared to March and 30.8 percent compared to the same month of 2020, the highest parameter since May 2014, according to the FAO monthly report on the subject. .

The rise in the price of the basket of basic food products in April was given by considerable increases in prices of sugar, followed by oils, meat, dairy products and cereals.

The sweet in April climbed 3.9 percent more than in March, reaching a level almost 60 percent higher than that registered in 2020.

The variation was attributed to large purchases in a context of growing concern about the decline in world supply in 2020/21, due to the slow advance of the harvest in Brazil and damage caused by frost in France.

Vegetable oils, on the other hand, experienced a month-on-month increase of 1.8 percent, due to a higher price of soybean, rapeseed and palm oils, which offset the decline in the values ​​of sunflower. Meat was the third item with an increase in April, 1.7 percent above the slightly revised value in March; seventh consecutive monthly increase, which pushed the index 5.1 percent above the value registered in the same month of 2020.

In particular, beef and sheep meat prices rose, among other causes, due to strong demand from East Asia, given the shortage of supply in Oceania caused by the ongoing rebuilding of livestock and low levels of stocks .

Dairy in general posted a 1.2 percent price hike since March, the eleventh in a row, which in turn catapulted the index 24.1 percent above the value recorded in 2020.

Global costs for butter, skimmed milk powder and cheese rose, almost all due to higher demand from Asia and lower than expected production rates in Europe, such as seasonally declining supplies in Oceania.

While cereals saw their price index rise 1.2 percent, which ‘resumed its rise after a brief break of a month in March’ to reach 26.0 percent above its level in April 2020.

The upward pressure resulting from the intention to sow a smaller area than anticipated in the United States responds to this increase.

Concerns about crop conditions in Argentina, Brazil and the United States caused corn prices to escalate 5.7 percent in April.

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