Global Food Prices up to December 2015

In December, the price index registered a decline of 1% compared to November, resulting in the largest decrease in the prices of meat, dairy and grain products being offset by increases in sugar and vegetable oils.

Thursday, January 7, 2016

From the press release by the Food and Agriculture Organization of the UN:

7 January 2016, Rome - Prices of major food commodities declined for the fourth year in a row in 2015, averaging 19.1 percent below their previous-year's levels, as the dwindling global economy also triggered sharp price falls from metals to energy markets.

FAO's Food Price Index averaged 164.1 points over 2015 and ended the year even lower, at 154.1 points during the month of December.

In December, the index declined a further 1.0 percent from its revised November value, as falling prices for meat, dairy and cereals more than offset gains by sugar and vegetable oils.

"Abundant supplies in the face of a timid world demand and an appreciating dollar are the main reason for the general weakness that dominated food prices in 2015," said FAO senior economist Abdolreza Abbassian.

The FAO Food Price Index is a trade-weighted index tracking international market prices for five key food commodity groups: major cereals, vegetable oils, dairy, meat and sugar.

Maize softens, sugar inches up

FAO's Cereal Price Index declined 1.3 percent in December from its November value, due to intensifying export competition among maize producers and expectations of more wheat supplies entering world markets after Argentina removed export taxes. The sub-index, which includes rice, shed 15.4 percent on average during 2015 from the previous year.

The Dairy Price Index subsided 1.0 percent in December, and over the year was 28.5 percent below its average level in 2014, the sharpest decline of any food commodity.

The Meat Price Index dropped by 2.2 percent in December, prompted by surging pork output in Europe and reduced U.S. demand for imported beef. Over the full year, meat was on average 15.1 cheaper than in 2014.

The Vegetable Oil Price Index rose 2.1 percent in December, pushed up by uncertainties regarding Brazil's soybean crop, but over 2015 as a whole was 19 percent below the previous year.

FAO's Sugar Price Index rose 0.6 percent in December, but was on average 21 percent lower in 2015 than the previous year.

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More on this topic

Food: Global Prices Up 8% in 2017

January 2018

The FAO food price index closed the year with an increase of 8% compared to 2016, the highest annual average since 2014, although it is still 24% below the maximum levels reached in 2011.

From the monthly report on the FAO food price index:

The FAO Food Price Index* (FFPI) averaged 169.8 points in December 2017, down 5.8 points (3.3 percent) from November with the steepest declines registered in the prices of dairy, vegetable oils and sugar while those of cereals and meat also fell but only slightly. For the whole of 2017, the FFPI averaged 174.6 points, up 8.2 percent from 2016 and representing the highest annual average since 2014 although still 24 percent below the 2011 high of almost 230 points. While sugar values plummeted in 2017, dairy and meat prices registered sharp year-on-year increases and those of cereals and oils rose too, albeit more modestly.

Global Food Prices - December 2017

December 2017

World food prices fell slightly in November, as the decline in prices of dairy products offset a sharp increase in the prices of sugar and vegetable oils.

From a statement by the World Food Organization (FAO):

7 December 2017, Rome - Global food prices declined marginally in November, as lower dairy prices offset a sharp increase in sugar and vegetable oil quotations, according to the latest FAO Food Price Index issued today.

Global Food Prices up to December 2016

January 2017

The FAO food price index remained unchanged in comparison to November, with substantial increases in the prices of vegetable oils and dairy products which more than offset a fall in sugar and meat.

From a statement issued by the World Food Organization:

Global Food Prices - July 2016

August 2016

After five consecutive months of increases, the index of food prices fell slightly in July, reflecting a reduction in the prices of cereals and vegetable oils.

From a statement issued by the Food and Agriculture Organization:

4 August 2016, Rome – The international prices for major food commodities saw a modest decline in July, following five consecutive months of increases. The FAO Food Price Index (FPI) averaged 161.9 points in July 2016, slipping 0.8 percent (1.3 points) below its level in June and 1.4 percent below its level of July 2015.The overall decline of the Index was largely caused by drops in international quotations of grains and vegetable oils, more than offsetting firmer dairy, meat and sugar prices.

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