September 27, 2022

World food price index surges in May to highest level since 2011: FAO, Europe News & Top Stories

ROME (REUTERS) – World food prices rose in May at their fastest monthly rate in more than a decade, posting a 12th consecutive monthly increase to hit their highest level since September 2011, the United Nations food agency said on Thursday (June 3).

The Food and Agriculture Organisation (FAO) also issued its first forecast for world cereal production in 2021, predicting output of nearly 2.821 billion tonnes, a new record and 1.9 per cent up on 2020 levels.

The FAO’s food price index, which measures monthly changes for a basket of cereals, oil seeds, dairy products, meat and sugar, averaged 127.1 points last month versus a revised 121.3 in April.

The April figure was previously given as 120.9.

On a year-on-year basis, prices were up 39.7 per cent in May.

FAO’s cereal price index rose 6.0 per cent in May month on month and 36.6 per cent year on year.

Maize prices led the surge and are now 89.9 per cent above their year-earlier value. The FAO, however, said they fell back at the end of the month, lifted by an improved production outlook in the United States.

The vegetable oil price index jumped 7.8 per cent in May, lifted primarily by rising palm, soya and rapeseed oil quotations.

Palm oil prices were boosted by slow production growth in South-east Asia, while prospects of robust global demand, especially from the biodiesel sector, drove up soya oil prices.

The sugar index posted a 6.8 per cent month-on-month gain, due largely to harvest delays and concerns over reduced crop yields in Brazil, the world’s largest sugar exporter, FAO said.

The meat index rose 2.2 per cent from April, with quotations for all meat types buoyed by a faster pace of import purchases by east Asian countries, mainly China.

Dairy prices rose 1.8 per cent on a monthly basis and were up 28 per cent on a year earlier.

The increase was led by “solid import demand” for skim and whole milk powders, while butter prices fell for the first time in almost a year on increased export supplies from New Zealand.

The FAO said its forecast for record world cereal production this year was underpinned by a projected 3.7 per cent annual growth in maize output.

Global wheat production was seen rising 1.4 per cent year-on-year, while rice production was forecast to grow 1.0 per cent.

World cereal utilisation in 2021/22 was seen increasing by 1.7 per cent to a new peak of 2.826 billion tonnes, just above production levels.

“Total cereal food consumption is forecast to rise in tandem with world population,” the FAO said.

in World
Related Posts

EU revives bloc-wide travel with Covid-19 pass but Delta poses threat, Europe News & Top Stories

July 1, 2021

July 1, 2021

BRUSSELS (AFP) – An EU-wide Covid-19 certificate for easier travel comes into force on Thursday (July 1), just in time...

Bolsonaro fined for breaking Covid-19 restrictions in Brazil, World News & Top Stories

May 22, 2021

May 22, 2021

RIO DE JANEIRO (AFP) – President Jair Bolsonaro must pay a fine for failing to adhere to state health safety...

Green finance isn’t going where it is needed, World News & Top Stories

July 3, 2021

July 3, 2021

LONDON (BLOOMBERG) – Some of the finance world’s biggest climate champions may be undone by a relatively small part of...

9-year-old boy succumbs to injuries; death toll from Houston concert stampede rises to 10, United States News & Top Stories

November 15, 2021

November 15, 2021

HOUSTON (REUTERS) – An attorney for the family of a nine-year-old boy who was trampled at a Travis Scott concert in...

German researchers tie cold viruses used to deliver Covid-19 vaccine to rare blood clot risk, World News & Top Stories

May 27, 2021

May 27, 2021

FRANKFURT (REUTERS) – German researchers on Wednesday (May 26) said that based on laboratory research, they believed they have found...

Several hurt as French police break up mass rave, Europe News & Top Stories

June 19, 2021

June 19, 2021

RENNES, FRANCE (AFP) – Five police officers were injured overnight in western France as they broke up a 1,500-strong illegal...

EU chief defends China deal ahead of US summit, Europe News & Top Stories

June 8, 2021

June 8, 2021

BRUSEELS (AFP) – One of Brussels’ top two leaders has defended the European Union’s efforts to reach an investment agreement...

US President Biden to meet Germany’s Merkel in Washington on July 15, Europe News & Top Stories

June 11, 2021

June 11, 2021

CARBIS BAY, UK (AFP) – United States President Joe Biden will meet outgoing German Chancellor Angela Merkel in Washington next...

Austria sparks uproar with ‘Islam map’, Europe News & Top Stories

May 27, 2021

May 27, 2021

VIENNA (AFP) – The Austrian government came under fire on Thursday (May 27) for a new “Islam map” showing the...

Covid-19 vaccines offer high protection against hospitalisation from Delta variant: UK study, Europe News & Top Stories

June 14, 2021

June 14, 2021

LONDON (REUTERS) – Covid-19 vaccines made by Pfizer and AstraZeneca offer high protection of more than 90 per cent against...

Uber agrees world-first union deal for UK drivers, Europe News & Top Stories

May 26, 2021

May 26, 2021

LONDON (AFP) – US ride-hailing giant Uber announced on Wednesday (May 26) a “historic” pact with a British trade union...

Covid-19 lockdown lessons from the US: Sharper, rigorous curbs lead to better outcomes, United States News & Top Stories

May 29, 2021

May 29, 2021

WASHINGTON – As Covid-19 cases rise across South-east and North-east Asia, this time in some countries and cities in the...

MH17 plane crash families prepare for critical trial phase, Europe News & Top Stories

June 4, 2021

June 4, 2021

AMSTERDAM (REUTERS) – Families of people who died in the 2014 downing of Malaysia Airlines flight MH17 said they were...

Miami building collapse: Anger at pace of disaster response, United States News & Top Stories

June 26, 2021

June 26, 2021

SURFSIDE, UNITED STATES (AFP) – From his balcony overlooking the rubble of what used to be Champlain Towers, Maurice Wachsmann...

Drought-hit ‘tinderbox’ California braces for fires in months ahead, United States News & Top Stories

June 2, 2021

June 2, 2021

PARADISE, UNITED STATES (AFP) – “Now, when there’s smoke here, everybody panics,” said Steve Crowder, mayor of the small town...