FAO Food Price Index

FAO Food Price Index

Rome/FAO [ENA] While the 2024 Paris Olympics take place in a context of geopolitical turbulence - and these conflicts impact the Games and call into question the ability of sport to reduce tensions between nations - the great problems of humanity remain, covered by the smokescreen of woke culture and blasphemy. Hunger is among the great world problems that remain and the data published by the FAO are a sign of this.

The FAO Food Price Index (FFPI) is a measure of the monthly change in international prices of a basket of food commodities. It consists of the average of five commodity group price indices weighted by the average export shares of each of the groups over 2014-2016. A feature article published in the June 2020 edition of the Food Outlook presents the revision of the base period for the calculation of the FFPI and the expansion of its price coverage, to be introduced from July 2020. A November 2013 article contains technical background on the previous construction of the FFPI. The benchmark for world food commodity prices was broadly unchanged in July for the second month in a row, as increases in international quotations of vegetable oils,

meat products and sugar offset an ongoing decrease in those for cereals, the Food and Agriculture Organization of the United Nations reported Friday. The FAO Food Price Index, which tracks monthly changes in the international prices of a set of globally-traded food commodities, averaged 120.8 points in July, marginally below its revised 121.0 figure for June. The index is now 3.1 percent lower than its corresponding value one year earlier. The FAO Cereal Price Index declined by 3.8 percent from June as the global export prices of all major cereals decreased for the second consecutive month. Wheat quotations dipped on increasing seasonal availability from ongoing winter harvests in the northern hemisphere and generally favorable conditions

in Canada and the United State of America supporting expectations for large spring wheat harvests later in the year. Maize export prices also declined as harvests in Argentina and Brazil progressed ahead of last year’s pace and crop conditions in the United States remained robust. The FAO All-Rice Price Index declined by 2.4 percent from June amid generally quiet trading activities for both Indica and Japonica varieties. The FAO Vegetable Oil Price Index, by contrast, rose 2.4 percent from June to reach a one-and-a-half-year high. Global quotations for palm, soy, sunflower and rapeseed oils all rose, lifted by robust demand for soy oil from the biofuel sector and deteriorating crop prospects for sunflower and rapeseed oils in several major

producing countries. The FAO Meat Price Index increased by 1.2 percent in July amid robust import demand for ovine, bovine and poultry meat, even as pig meat prices declined marginally due to an oversupply situation in Western Europe. The FAO Sugar Price Index increased by 0.7 percent from June as lower-than-expected production in Brazil outweighed the impact of improved monsoon rainfall in India and conductive weather conditions in Thailand. The FAO Dairy Price Index was unchanged in July, as decreases in the quotations for milk powders offset increases in those for butter and cheese.