Global food prices rose for the ninth consecutive month in February, namely those of sugar and vegetable oils, the Food and Agriculture Organization of the United Nations (FAO) reported today.
The FAO Food Price Index, which tracks monthly changes in international prices, averaged 116.0 points in February, up 2.4% since January, and 26.5% year-on-year.
The Sugar Price Index rose 6.4% compared to January due to declining production in major producing countries combined with strong demand from Asia.
Also, the Vegetable Oil Price Index rose 6.2% to its highest level since 2012, while the prices of palm, soybean, turnip and sunflower oils all increased.
The Dairy Price Index also rose 1.7%, led by international export of butter, as China’s confirmed imports met limited supplies from Western Europe. Cheese prices have decreased, partly due to higher stocks in the U.S.
Moreover, the Cereal Price Index increased by 1.2% compared to January, and sorghum prices rose 17.4%, also driven by strong demand from China, while prices of corn, wheat and rice were fairly stable.
Finally, the Meat Price Index rose 0.6%, driven by insufficient supplies of beef and lamb, unlike pork prices which fell due to a drop in China’s purchases and a rise in the number of pigs in Germany due to the ongoing ban on exports.