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Global food prices up in July; Higher cereal, sugar quotations drivers
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Saturday, 05 August, 2017, 08 : 00 AM [IST]
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Rome
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Global food prices rose for the third consecutive month in July, driven mainly by higher cereal, sugar and dairy quotations.
The FAO Food Price Index - a monthly trade-weighted index that tracks the international market prices of five major food commodity groups - averaged 179.1 points in July.
This was its highest value since January 2015, marking a 2.3 per cent increase from June 2017 and a 10.2 per cent rise from its level during the corresponding period the previous year.
The FAO Cereal Price Index was up 5.1 per cent in July. The Index has been rising consistently over the past three months, supported by firmer wheat and rice quotations.
Wheat values rose the most in July, as continued hot and dry weather conditions hampered spring wheat crops in North America, while seasonal tightness pushed up rice prices. On the other hand, maize prices remained largely steady.
The FAO Dairy Price Index gained 3.6 per cent in July, underpinned by stronger prices of butter, cheese and whole milk powder (WMP).
Tighter export availabilities pushed butter prices to a new high in July, widening further the spread between butter quotations and other dairy products.
The FAO Sugar Price Index rose by 5.2 per cent in July, marking the first monthly increase since the beginning of the year.
The strong appreciation of the Brazilian real was the main driver behind this rebound in sugar values.
Despite the latest increase, sugar prices, at 26 per cent, remained well below the corresponding period last year.
The FAO Vegetable Oil Price Index fell 1.1 per cent from June to its lowest level since August 2016.
The July slide primarily reflected good production prospects for palm oil in South-east Asia and a weak global import demand.
The FAO Meat Price Index remained steady. An increase in international prices for ovine meat in July was offset by downward price movements in the bovine, pig and poultry sectors.
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