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Did global food prices rise in April?

Global food prices in April

Global food commodity prices rose for the eleventh month in a row last April, the Food and Agriculture Organization of the United Nations (FAO) reported.

Among the commodities the witnessed rise in prices was the sugar, while grains resumed their upward trend.

FAO said the FAO Food Price Index scored 120.9 points in April, up 1.7 percent from March and 30.8 percent higher year-on-year.

The index, which tracks monthly changes in international prices for commonly traded food commodities, has reached its highest level since May 2014.

Global food prices in April

The FAO Sugar Price Index rose by 3.9 percent on a monthly basis, to levels 60 percent higher than it was in April 2020. The increase was due to growing fears of a slowdown in the progress of the harvest in Brazil, frost damage in France, and a shrinking global supply.

The vegetable oil price index rose 1.8 percent in April on a monthly basis. The international palm oil prices rose due to concerns that production growth in major exporting countries will be slower than expected.

Likewise, the meat price index rose 1.7 percent from its value in March. The beef, sheep and pork prices rise was supported by strong demand from East Asia. At the same time, poultry meat prices remained stable.

The grain price index rose 1.2 percent in April – a growth of 26 percent over its level in April 2020. Corn prices increased 5.7 percent, driven by smaller-than-expected planting intentions in the United States.

The dairy price index increased by 1.2 percent from March, as the prices of butter, cheese and skim milk powder increased due to strong import demand from Asia.

FAO is a specialized organization of the United Nations that leads international efforts to eradicate hunger in the world. Qu Dongyu is the director of the organization. It serves developed and developing countries alike.

The organization acts as a neutral forum where all nations meet on a peer-to-peer basis to negotiate agreements and policy discussions.

FAO is also a source of knowledge and accurate information and helps countries to develop and improve agricultural, forestry and fisheries practices, ensuring good nutrition and food security for all.

Keep reading: Food Price Index Continued To Rise Since Mid-2020

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