The World Food Price Index of the Food and Agriculture Organization (FAO) jumped in September, recording its largest increase in 18 months, supported by rising sugar prices.
FAO data, affiliated with the United Nations, showed that “the food price index, which tracks the prices of the most traded agricultural commodities around the world, rose to 124.4 points last month from 120.7 in August, which is the highest level since July 2023 and an increase of 2.1 percent on an annual basis.”
The FAO stated, “The sugar index rose 10.4 percent on a monthly basis as a result of declining crop expectations in Brazil, and the cereal price index rose three percent supported by an increase in export prices of wheat and corn, while rice prices decreased 0.7 percent.”
According to the FAO index, “the prices of vegetable oils rose 4.6 percent on a monthly basis, with the prices of all types of oils increasing, including palm, soy, sunflower, and rapeseed oils. The prices of dairy products increased 3.8 percent in September, with the prices of whole and skimmed milk powder rising.” Butter and cheese, while meat prices rose 0.4 percent.
The FAO raised its “expectations for global grain production for the current year to 2.853 billion tons from the previous 2.851 billion tons,” noting that “the increase came as a result of improved rice and wheat production expectations, which were higher than the slight decline in global hard grain production, and it is expected Global cereal use will increase by 12.4 million tons in 2024-2025 to 2.853 billion tons.”
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2024-10-05 17:17:28