The global food price index rised in August, according to data released by the United Nations Food and Agriculture Organization (FAO). After a 12-month increase in the index in June and July, a decrease was observed.
In August, the food price index rose by 3.9 points, 3.1 percent, to 127.4 points. Compared to the same period of the previous year, an increase of 32.9 percent was recorded.
The rises in sugar, vegetable oils and grain sub-indices were effective in the rise in food prices after a two-month decline.
In this period, vegetable oil prices increased by 10.3 points, grain prices by 4.3 points, and meat prices slightly. On the other hand, a small-scale decline was observed in the prices of dairy products.
Declining harvest expectations in major exporting countries were effective in the rise in grain prices. Low barley production outlook and rising wheat prices in Canada and the United States caused international barley values to rise by 9 percent.
Adverse weather conditions in Brazil, the world's largest sugar exporter, also contributed to the increase in the FAO Sugar Price Index. Monthly price increases were curbed by the decline in crude oil prices and the weakening of the Brazilian Real against the US dollar. Good production prospects in India and the European Union also contributed to curbing the upward pressure on international sugar prices.
The FAO Vegetable Oil Price Index, on the other hand, reached historic highs due to concerns over international palm oil prices and a massive meltdown in Malaysian stocks.
Comments
No comment yet.