Food: Global Prices up to February 2018

In February, the FAO food price index fell by almost 3% in year-on-year terms, due to a drop in prices of sugar and vegetable oils.

Monday, March 5, 2018

From the monthly report on the FAO food price index: 

The FAO food price index stood in February 2018 at an average of 170.8 points, that is to say, 1.1% (or 1.8 points) more than in January, although it is still 2.7% less than its value in the same period last year. Higher international prices for dairy products and cereals contributed to the inter-monthly rise in the value of the index, while prices for sugar and vegetable oils declined and meat prices remained stable. 

The FAO cereal price index recorded an average of 160.8 points in February, that is to say, 2.5% (4 points) more than in January and 6.8% more than in February 2017. With the increase in February, the value of the index showed an inter-monthly increase of appreciable strength for a second consecutive month, after a relatively stable period between August and December last year. Cereal prices were generally strengthened in February, supported by vigorous commercial activity and concerns about the adverse weather conditions that affected the winter wheat growing regions in the United States of America and maize in Argentina.  International rice prices also strengthened, although increases were limited by a decrease in global demand for Indica rice supplies.

The FAO Vegetable Oil Price Index averaged 158 points in February, down 3.1 percent (5.1 points) from January, marking a 19-month low. Prices of most vegetable oils weakened amid prospects of a growing global production surplus in 2017/18. Palm oil price quotations dropped the most, underpinned by slower-than-expected export activities and rising inventories in Malaysia and Indonesia. In the meantime, the outlook of record soy crushings in the US weighed on international soybean quotations, while sluggish demand (primarily from the biodiesel sector) pressured rapeseed prices. 
  
The FAO Dairy Price Index averaged 191.1 points in February, up 11.2 points (6.2 percent) from January but still slightly below the corresponding period last year. International price quotations across all four categories of milk products that constitute the index rose, supported by strong import demand amidst lower than expected milk output in New Zealand. Butter price quotations increased by nearly 6 percent after declining for four consecutive months since reaching its recent peak in September 2017. Price quotations for Cheese and Whole Milk Powder (WMP) also rose, underpinned by strong demand in Europe and Asia, while firm global demand pushed up Skim Milk Powder (SMP) values.


The FAO Meat Price Index averaged 169 points in February, unchanged from its slightly revised value for January 2018 and almost 5 percent higher than at the same point last year. An increase in price quotations for bovine meat was offset by decreases in poultry and pig meat quotations, while those of ovine meat remained almost unchanged. Limited export availabilities from New Zealand caused bovine meat prices to strengthen for the second month in a row. International price quotations for poultry meat declined for the fourth consecutive month, largely on account of abundant export availabilities in major producing regions. Limited world import demand pressured the pig meat price index, which continued to fall since September 2017.   


The FAO Sugar Price Index averaged 193 points in February, down 3.4 percent (7 points) from January and hitting its lowest level in two years. International sugar prices remained under downward pressure, as production by major producers, such as Thailand and India, continued to expand.  Sugar markets also remained depressed on expectation of a sharp rise in the EU production in 2017/18, boosted by higher beet yields and last year’s removal of output quotas, which gave rise to larger plantings

More on this topic

Food: Global Prices up to May 2018

June 2018

The FAO food price index grew 1.9% year-on-year, due to the increase in prices of dairy products and cereals.

From the monthly report on the FAO food price index:

The FAO Food Price Index* (FFPI) averaged 176.2 points in May 2018, up 2.2 points (1.2 percent) from April level and hitting its highest level since October 2017.

Global Food Prices in February 2017

March 2017

With the exception of vegetable oils, in February rates of all commodities that make up the FAO price index increased, especially cereals.

From the FAO Food Price Index:

The FAO Food Price Index* (FFPI) averaged 175.5 points in February 2017, up 0.9 points (0.5 percent) from a slightly revised January value.

Global Food Prices - June 2016

July 2016

In June, the FAO food price index rose by 4% compared to May, making it the fifth consecutive month of increases in the index value.

From a communication issued by  the United Nations Food and Agriculture Organization (FAO):

Global Food Prices in February 2016

March 2016

The FAO Food Price Index averaged 150.2 points in February 2016, nearly unchanged from January, but 14.5% below February 2015.

From a statement issued by the Food and Agriculture Organization:

The FAO Food Price Index* (FFPI) averaged 150.2 points in February 2016, nearly unchanged from January, but 25.6 points (14.5 percent) below February 2015.

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