London Daily

Focus on the big picture.
Monday, Dec 30, 2024

World food prices fall for 12th month running in March — UN

World food prices fall for 12th month running in March — UN

The UN’s food agency’s world price index fell in March for a 12th consecutive month, and is now down 20.5 percent from a record high hit one year ago following Russia’s invasion of Ukraine, according to Reuters.
The Food and Agriculture Organization’s price index, which tracks the most globally traded food commodities, averaged 126.9 points last month against 129.7 for February, the agency said on Friday. It was the lowest reading since July 2021.

The February reading was originally given as 129.8.

A combination of ample supplies, subdued import demand and the extension of a deal allowing the safe export of Ukrainian grain via the Black Sea contributed to the drop, FAO said.

The Rome-based agency said the decline in the index reflected lower prices for cereals, vegetable oils and dairy products, which offset rises in sugar and meat prices.

“While prices dropped at the global level, they are still very high and continue to increase in domestic markets, posing additional challenges to food security,” Maximo Torero, FAO’s chief economist said in a statement.

“This is particularly so in net food importing developing countries, with the situation aggravated by the depreciation of their currencies against the US dollar or the euro and a mounting debt burden,” he added.

The FAO cereal price index fell 5.6 percent month-on-month in March, with wheat registering a 7.1 percent drop, maize a 4.6 percent decline and rice easing 3.2 percent.

Vegetable oils fell 3.0 percent, some 47.7 percent down on the level the index hit in March 2022, while the dairy index was down 0.8 percent.

By contrast, sugar rose 1.5 percent to its highest level since October 2016, hit by concerns over declining production prospects in India, Thailand and China. The meat price index rose by 0.8 percent.

Higher Wheat Production

In a separate report on cereals supply and demand, the FAO raised its forecast for world wheat production in 2023, now pegged at 786 million tons — 1.3 percent below the 2022 level but nonetheless the second largest outturn on record.

“Near-record sown areas are expected in Asia, while dry conditions are impacting North Africa and southern Europe,” FAO said.

FAO also raised its forecast for world cereal production in 2022 to 2.777 billion tons, just 1.2 percent down from the previous year. World rice production in 2022/23 was seen at 516 million tons, 1.6 percent below the record 2021/22 harvest.

World cereal utilization in the 2022/23 period was seen at 2.779 billion tons, FAO said, down 0.7 percent from 2021/22. World cereal stocks by the close of the 2022/2023 seasons are expected to ease by 0.3 percent from their opening levels to 850 million tons.
Newsletter

Related Articles

0:00
0:00
Close
Channel Tragedy: Three Dead in Record Year for Perilous Crossings
Jimmy Carter: The Legacy of America's Centennial Statesman
Record Tragedy in the Channel: Three Dead and 2024 Becomes Deadliest Year for Sea Crossings
Operation Beepers: A Remarkable Triumph of Israeli Intelligence Against Hezbollah
Rail Unions Keep the UK in a Chokehold: The Battle Over Power and Pay
Today, Biden allocated an additional $1.25 billion to Ukraine.
Biden Reportedly Regrets Decision to Step Aside, Claims He Could Defeat Trump
Russian Tanker Seized in Baltic Investigated for Espionage
Elon Musk's Controversial Endorsement Adds Tension to German Politics
Putin Extends Olive Branch Amidst Tensions Over Azerbaijan Airlines Crash
Elon Musk’s Controversial Endorsement of Germany's AfD Sparks Editorial Resignation
The Missteps of 2024: Teams, Coaches, and Players Who Fell Short
Frustrated Canadian tells Trudeau to "Get out of BC" during his Christmas vacation ski trip
In Syria today, responding incorrectly to the question 'Are you Alawi or Sunni?' can be detrimental to your well-being.
Restricted Area in Australia
NATO to Amplify Baltic Defenses Amidst Shadowy Undersea Sabotage Claims
Dense Fog Disrupts Over 1,000 Flights at Heathrow and Gatwick
Biden Administration Commits Additional Military Aid to Ukraine
Biden Boosts Ukrainian Defense as North Korea Sinks Deeper into Russia's War
Azerbaijan Airlines Crash Triggers Speculation of Russian Misfire
Western Support for Ukraine Wanes Amidst Trump’s Return and Russian Resurgence
Ukraine Strikes Russian Missile Factory, Deepening Tensions
Ireland's Medieval Ecclesiastical Register Undergoes Conservation
The Closure of the Global Engagement Center: Controversy, Claims, and Conclusions
The Rise of Princess Charlotte: A New Star in the Royal Firmament
Diplomatic Waters: Finland's Seizure of a Russian-linked Vessel in the Baltic Sea
Reform UK Declares Itself the 'Real Opposition' Amid Membership Surge
Pope Francis Opens Holy Door at Major Italian Prison
Britain’s ‘Wild West’ of Weight-Loss Jab Promotions Faces Growing Scrutiny
Pope Francis Urges Unprecedented Dialogue Amid Escalating Ukraine-Russia Tensions
Dozens Survive Kazakhstan Passenger Jet Crash Amid Tragedy
Kazakhstan Air Disaster: Dozens Survive as Authorities Probe Fatal Plane Crash
Postal Workers Demand Government Probe Into Royal Mail 'Fake Deliveries' Scandal
Explosion Sinks Russian Cargo Ship Ursa Major in Mediterranean
Mystery Shrouds U.S. Citizen Gene Spector's 15-Year Espionage Sentence in Moscow
Zelenskyy Alleges 3,000 North Korean Casualties in Russian Conflict
North Korea's Unseen Hand: Over 1,000 Troops Suffer Casualties in Ukraine
Discovery of 50,000-Year-Old Baby Mammoth in Siberia Fascinates Scientists
Magdeburg Attack Fuels AfD's Political Momentum Amid Rising Tensions
In Magdeburg, Germany, a man is arrested by the police for declaring, "I am a Christian."
UK News Roundup: London Shooting, Travel Disruptions, and Legal Battles
UK Economy Teeters on Recession's Edge Amid Revised Growth Figures
Australian Man Captured in Ukraine Conflict; Government Seeks Answers
Zelenskyy’s Push for NATO: A High-Stakes Gamble for Eastern European Stability
Slovak Pragmatism or EU Discord: Prime Minister Fico’s Polarizing Moscow Engagement
The Ripple Effects of a Russian Victory in Ukraine: A Global Tectonic Shift
U.S. Government Shutdown Averted by Last-Minute Agreement
Tragedy in Magdeburg: Saudi Doctor's Alleged Terror Attack at German Christmas Market Ignites Global Security Debate
Tragedy Strikes at Magdeburg Christmas Market: Terror Attack Leaves Five Dead
Texas Congresswoman Kay Granger Discovered in Nursing Home Following Six Months of Inaction
×