Global Food Prices - July 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.

Thursday, August 4, 2016

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.

The FAO Food Price Index is a trade-weighted index tracking international market prices for five major food commodity groups.

The FAO Cereal Price Index fell 5.6 percent from June, led by a sharp drop in maize prices due to favourable weather conditions in the key growing regions of the United States - the world's largest maize producer and exporter. Wheat prices also fell in July mainly driven by large global supplies and prospects for abundant export availabilities from the Black Sea region. By contrast, rice prices strengthened somewhat, as dwindling availabilities underpinned Basmati and long-grain quotations.

Falling for the third consecutive month, the FAO Vegetable Oil Price Index dropped 2.8 percent from its level in June. The slide was mainly driven by palm oil, whose price dropped to a 5-month low, reflecting a seasonal recovery in production in Southeast Asia combined with subdued global import demand. International prices for soybean, sunflower and rapeseed oil also eased on better than earlier anticipated supply prospects.  

The FAO Dairy Price Index rose by 3.2 percent from the previous month, with butter prices seeing the sharpest rise in the group.  Yet, they remain at very low levels compared to recent years.

The FAO Meat Price Index increased by 1.3 percent from its revised June value. Quotations for all meat products remained firm, underpinned by a shortage of pigs for slaughter in the EU and reduced output of sheep and bovine meat in Oceania. International demand for meat remains strong, supported by a recovery in purchases by China and sustained imports by several countries elsewhere in Asia.

The FAO Sugar Price Index rose 2.2 percent in the month. International sugar prices were largely influenced by movements in the Brazilian currency, which strengthened against the US dollar in July. 



More on this topic

Food: Global prices - April 2019

May 2019

In the fourth month of the year, the FAO food price index fell 2% over the same month in 2018, explained by the decline in prices of meat, cereals and vegetable oils.

From FAO's monthly report:

The FAO Food Price Index* (FFPI) rose in April 2019 to around 170 points, 1.5 percent (2.5 points) higher than in March and marking its highest value since June 2018.

Food: Global Prices up to October 2018

November 2018

In September, the FAO food price index decreased 7% compared to the same month in 2017, because of lower prices for meat, dairy products, cereals, vegetable oils and sugar.

From FAO's monthly report:

» The FAO Food Price Index* (FFPI) averaged 163.5 points in October 2018, down 1.4 points (0.9 percent) from September and some 13 points (7.4 percent) below its level in the corresponding period last year.

Food: Global Prices - July 2018

August 2018

In July, the FAO food price index registered the sharpest monthly decline since December 2017, due to a reduction in the prices of all the food in it.

From the monthly FAO report: 

» The FAO Food Price Index* (FFPI) averaged 168.8 points in July 2018, down as much as 6.5 points (3.7 percent) from June and 10.3 points (3.7 percent) from the corresponding period last year.

Food: Global Prices up to June 2018

July 2018

The FAO food price index registered an interannual decrease of close to 1%, due to weakening in most markets, as a result of tensions in international trade relations.

From the monthly FAO report: 

The FAO Food Price Index* (FFPI) averaged 173.7 points in June 2018, down 2.4 points (1.3 percent) from its level in May, representing the first month-on month decline since the beginning of this year. Most markets have generally taken-on a weaker tone recently largely because of rising tensions in international trade relations.

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