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Tuesday, 12 March 2024 22:33

FAO food price index decreases again in february

Written by Karla Gutiérrez
FAO food price index decreases again in february

The Food and Agriculture Organization of the United Nations (FAO) reported that the benchmark indicator of world food commodity prices had declined for the seventh consecutive month in february, as lower international quotations for all major cereals more than offset higher prices for sugar and meat.

The FAO food price index, which tracks international prices of a range of globally traded food commodities on a monthly basis, averaged 117.3 points in february, down 0.7% from january and 10.5% below the value recorded in the same month a year ago.

Maize export prices fell the most on expectations of bumper crops in South America and competitive prices offered by Ukraine, while international wheat prices declined mainly due to the strong pace of exports from the Russian Federation. International rice prices also declined by 1.6% in february.

The FAO vegetable oil price index declined by 1.3% from january, standing 11% below its february 2023 value.

FAO sugar prices rose by 3.2% in february.

The increase was due to lingering concerns about upcoming production in Brazil, following a prolonged period of below-average rainfall, as well as forecasts of declining production in India and Thailand, two of the main exporting countries.

 

 

Translated by: A.M

Published in Economy
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