According to FAO world food prices increased in April for the first time in a year against the background of the increase in global quotations for sugar, meat and rice.
Thus, in April, the FAO Food Price Index was 127.2 points, which is 0.6% more than in March. At this level, the index was 19.7% below April 2022, but still 5.2% higher than April 2021.
Sugar price index – highest level since 2011
The FAO sugar price index rose 17.6% since March to its highest level since October 2011, due to reduced productions expectations and outcomes in India, China, Thailand and the European Union due to dry weather conditions and a slow start to harvests of sugarcane in Brazil, along with higher international crude oil prices, which can increase demand for sugarcane -based ethanol.
Meat price index rose
The FAO Meat Price Index rose 1.3 percent during the month, driven primarily by higher pig meat quotations, followed by poultry prices, which increased amid Asian import demand and production curbs spurred by animal health issues. International bovine meat prices also increased due to a decline in cattle supplies for slaughter, especially in the United States of America.
At the same time, price indices for other main categories of food products, with the exception of rice, continued their downward trend.
Cereal price index down
The FAO cereal price index was down 1.7% from March and averaged 19.8% below April 2022. World wheat prices fell by 2.3%, mainly due to large export stocks in Australia and the Russian Federation. World cor prices fell 3.2 percent as supplies in South America seasonally increased with ongoing harvests. On the other hand, against a backdrop of reduced harvests caused by higher input costs and adverse weather, especially outside of Asia, sales to Asian buyers sustained an increase in international rice prices.
“it is essential that the Black Sea initiative is renewed”
“It is important that we continue to track very closely the evolution of prices and the reasons for increases in prices. As economies recover from significant slowdowns, demand will increase, exerting upward pressure on food prices” said FAO Chief Economist Maximo Torero. “At the same time, the increase in rice prices is extremely worrisome and it is essential that the Black Sea initiative is renewed to avoid any other spikes in wheat and maize” he added.
The FAO Vegetable Oil Price Index declined by 1.3 percent in the month, registering its fifth consecutive monthly decline. World palm oil prices were stable, while quotations for soy, rapeseed and sunflower oils declined in step with seasonal harvest pressure from a potentially record soybean crop in Brazil.
The FAO Dairy Price Index dropped by 1.7 percent, impacted by the persistent slack global import demand for milk powders and higher cheese export availabilities in Western Europe.
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