World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 


UN Food Price Index: Sharp Drop In Prices During May

UN Food Price Index Registers Sharp Drop In Prices During May

New York, Jun 7 2012 4:10PM

The United Nations today reported a sharp drop in global food prices during May owing to generally favourable supplies, growing global economic uncertainties and a strengthening of the United States dollar.

The monthly food price index of the Food and Agriculture Organization (FAO) averaged 204 points in May, down 9 points from April, the agency said in a news release. This was the lowest level since September 2011.

The index measures the monthly change in international prices of a basket of food commodities, including meat, dairy, sugar, and cereals.

“Crop prices have come down sharply from their peak level but they remain still high and vulnerable due to risks related to weather conditions in the critical growing months ahead,” said Abdolreza Abbassian, a senior grains economist with FAO, in a news release.

The agency raised the forecast for world cereal production by 48.5 million tonnes since May, with the bulk of the increase expected to come mainly from maize in the US amid an early start of the planting season and prevailing favourable growing conditions.

FAO’s latest forecast for world cereal production in 2012 stands at a record level of 2,419 million tonnes, 3.2 per cent up from the 2011 record.

“However, with planting still to be completed and much of the crop at very early stages of development, the final outcome will depend greatly on weather conditions in the coming months,” the agency stated.

Global rice production in 2012 is expected to increase by 2.2 per cent from 2011, to some 490 million tonnes, mostly reflecting larger plantings in Asia. At the same time, the latest indications point to a decrease of about 3 per cent in the production of wheat this year, to 680 million tonnes.

FAO noted that this is still well above the average of the past five years.

ENDS

© Scoop Media

 
 
 
 
 
World Headlines

 

'Very Concerned' After Court Ruling: UNHRC On Transfer Of 267 People From Australia To Nauru

Most of these people were reportedly brought to Australia from Nauru to receive medical treatment and are in a fragile physical and mental state. The group includes more than 12 women and at least one child who have allegedly suffered sexual assault or harassment while in Nauru. The group also includes 37 children born in Australia. More>>

ALSO:

Sanctions To Be Lifted: NZ Welcomes Implementation Of Iran Nuclear Deal

Duty Minister Nikki Kaye has welcomed the next stage in the historic nuclear deal between Iran, the Five Permanent (P5) members of the United Nations Security Council, and Germany... “New Zealand has now started the domestic process for removing the UN sanctions." More>>

ALSO:

Pre-Davos Reports: 62 People Own Same Wealth As Half The World

Runaway inequality has created a world where 62 people own as much wealth as the poorest half of the world’s population – a figure that has fallen from 388 just five years ago, according to an Oxfam report published today ahead of the annual gathering of the world’s financial and political elites in Davos.. More>>

ALSO:

Jakarta: UN Secretary-General On Attacks

The Secretary-General condemns the bombings and gun attacks in Jakarta today... there is absolutely no justification for such acts of terrorism. He hopes the perpetrators of today's attacks will be swiftly brought to justice. More>>

ALSO:

Werewolf: America, The Gated

How, in a global metropolis like New York, do you write about immigration as a problem to be solved? And yet immigration is a hot button issue among those fighting to break away from the unruly clump of starters in the race for Republican nominee. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
World
Search Scoop  
 
 
Powered by Vodafone
NZ independent news