Globe food selling prices go on to soar, hitting practically 7-year high | Foodstuff Information

The Meals and Agriculture Organization’s food stuff price tag index, which measures month to month modifications for a basket of cereals, oilseeds, dairy solutions, meat and sugar, averaged 118.5 factors last thirty day period versus a marginally revised 116.1 in February.

World food prices rose for a 10th consecutive month in March, hitting their greatest degree due to the fact June 2014, led by jumps in vegetable oils, meat and dairy indices, the United Nations food agency reported on Thursday.

The Food and Agriculture Organization’s food price index, which measures monthly adjustments for a basket of cereals, oilseeds, dairy solutions, meat and sugar, averaged 118.5 points last month versus a marginally revised 116.1 in February.

The February figure was earlier given as 116..

The Rome-centered FAO also stated in a assertion that worldwide cereal harvests remained on system to strike an once-a-year record in 2020, including that early indications pointed to a even more boost in creation this 12 months.

FAO’s cereal cost index fell 1.7 per cent month on month in March, ending 8 months of consecutive gains, but still 26.5 p.c increased than the very same period of time very last month.

Amid major cereals, wheat export costs dropped the most, declining 2.4 % on the month, reflecting excellent supplies and encouraging generation potential customers for the 2021 crops, FAO said.

FAO’s vegetable oil price index surged 8 percent on the month to arrive at its optimum amount due to the fact June 2011, lifted by higher selling prices for palm, soy, rape and sunflower oils.

Dairy prices rose for a 10th month jogging, registering a 3.9 p.c boost. FAO stated a single of the motorists in the sector was milk powder, which was boosted by a surge in imports in Asia, particularly China, because of to issues about quick-term supplies.

The meat index climbed 2.3 %, but contrary to all the other indices, it was nonetheless a bit down on a year-on-12 months basis. FAO reported poultry and pig meat quotations amplified, underpinned by a rapid rate of imports by Asian countries, predominantly China.

Sugar prices dropped 4 percent thirty day period on thirty day period, but was even now up 30 percent on the year. March’s decrease was fuelled by prospective clients of significant exports from India, FAO reported.

FAO lifted its forecast for the 2020 cereal period to 2.765 billion tonnes from a past estimate of 2.761 billion, pointing to a 2 percent raise calendar year on yr.

On the lookout forward, FAO explained it envisioned world cereal output to improve for a 3rd consecutive year in 2021.

World wide wheat manufacturing was found hitting a new superior of 785 million tonnes this calendar year, up 1.4 p.c from 2020 levels, pushed by an expected sharp rebound across most of Europe and expectations of a record harvest in India, FAO claimed.

Higher than-common outputs were being also expected for maize, with a file harvest forecast for Brazil and a multiyear high predicted for South Africa.

For the existing 2020-21 marketing time, international cereal utilisation was forecast at 2.777 billion tonnes, 2.4 per cent up on the preceding yr, driven mainly by greater estimates of feed use of wheat and barley in China, the place the livestock sector is recovering from African swine fever.