World food prices rose for a 10th consecutive month last month, hitting their highest level since June 2014, led by jumps in vegetable oils, meat and dairy indices, the UN Food and Agriculture Organization (FAO) said yesterday.
The organization’s food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 118.5 points last month compared with a slightly revised 116.1 in February.
Worldwide cereal harvests remained on course to hit an annual record last year, while early indications pointed to a further increase in production this year, the Rome-based organization said in a statement.
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The FAO’s cereal price index fell 1.7 percent month-on-month last month, ending eight months of consecutive gains, but still 26.5 percent higher than the same period last year.
Among major cereals, wheat export prices dropped the most, declining 2.4 percent on the month, reflecting good supplies and encouraging production prospects for crops this year, the FAO said.
Its vegetable oil price index surged 8 percent on the month to reach its highest level since June 2011, lifted by higher prices for palm, soy, rape and sunflower oils.
Dairy prices rose for a 10th month running, registering a 3.9 percent increase.
One of the drivers was milk powder, which was boosted by a surge in imports in Asia, especially China, due to concerns over short-term supplies, it said.
The meat index climbed 2.3 percent, but unlike all the other indices, it was still slightly down on a year-on-year basis.
Poultry and pig meat quotations increased, underpinned by a fast pace of imports by Asian countries, mainly China, it said.
Sugar prices fell 4 percent month-on-month, but were still up 30 percent on the year.
Last month’s decline was fueled by prospects of large exports from India, the FAO said.
It raised its forecast for the cereal season last year to 2.765 billion tonnes from a previous estimate of 2.761 billion, pointing to a 2 percent year-on-year increase.
Looking ahead, the FAO said it expected global cereal production to increase for a third consecutive year this year.
Global wheat production was forecast to reach a new high of 785 million tonnes this year, up 1.4 percent from last year’s levels, driven by an anticipated sharp rebound across most of Europe and expectations of a record harvest in India, it said.
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