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


Food Prices Fall For First Time in Three Months -- UN Agency

Food Prices Fall For First Time in Three Months -- UN Agency

New York, Feb 6 2014 - Global food prices declined for the first time in three months as lower prices for cereals, sugars, oils and meat outstripped gains in dairy values, the United Nations Food and Agriculture Organization (FAO) reported today.

The Rome-based agency said its Food Price Index averaged 203.4 points in January, which is 1.3 per cent below December and 4.4 per cent below January 2013.

The Index measures monthly changes in international prices of a basket of meat, dairy, cereals, oils and fats, and sugar.

"We're seeing lower prices due to abundant supplies, but stronger upturn in demand, such as an increase in the pace of imports from Asia, could limit the decline," said FAO economist Abdolreza Abbassian.

Sugar and vegetable oils fell 5.6 per cent and 3.8 per cent respectively. Bumper cereal crops, meanwhile, helped to bring down cereal prices, which were 1.6 per cent lower than in December and as much as 23 per cent lower than in January 2013.

Even meat prices, which had strengthened over the past few months, fell slightly in January.

"The only notable exception was a rise in dairy prices," said Michael Griffin, FAO's dairy and livestock market expert.

The FAO dairy price index registered a 1.3 per cent increase in January to 267.7 points, largely reflecting strong demand, especially from China, North Africa, the Middle East and Russia.

Overall world cereal production for 2013 was stronger than anticipated, to a record 2,502 million tonnes, up 8.5 per cent from 2012.

"The bumper cereal crop in 2013 would help in replenishing world reserves," FAO said in its news release.

The UN agency estimates the harvest could reach 573 million tonnes, 13.5 per cent higher than in the previous season. At this level, the stocks-to-use ratio for global cereals would top 23.5 per cent in 2013/14, its highest value since 2002/03 and well above its historical low of 18.4 per cent registered in 2007/08.

Based on the latest information, early prospects for the 2014 harvest looks good, FAO predicted. This view is shared by a separate report published today by the Agricultural Market Information System (AMIS) a G20 initiative which is housed at FAO and managed by ten international organizations.

For more details go to UN News Centre at


© Scoop Media

World Headlines


Haiti: $5 Million To Kick-Start Aid In Wake Of Hurricane Matthew

UN emergency fund allocates $5 million to kick-start assistance in wake of Hurricane Matthew More>>


Not Helen Clark: António Guterres Favourite For Next UN Secretary-General

Former Portuguese Prime Minister António Guterres has emerged as the clear favourite to become the next United Nations Secretary-General following the sixth secret ballot held today by the UN Security Council, which is expected to take a formal decision tomorrow and forward Mr. Guterres’ name to the 193-Member General Assembly for final confirmation. More>>


Preliminary Results: MH17 Investigation Report

The Joint Investigation Team (JIT) is convinced of having obtained irrefutable evidence to establish that on 17 July 2014, flight MH-17 was shot down by a BUK missile from the 9M38-series. According to the JIT there is also evidence identifying the launch location that involves an agricultural field near Pervomaiskyi which, at the time, was controlled by pro-Russian fighters. More>>


At The UN: Paris Climate Agreement Moves Closer To Entry Into Force

The Paris Agreement on climate change moved closer toward entering into force in 2016 as 31 more countries joined the agreement today at a special event hosted by United Nations Secretary-General Ban Ki-moon. More>>



Gordon Campbell: On The End Game In Spain (And Other World News)

The coverage of international news seems almost entirely dependent on a random selection of whatever some overseas news agency happens to be carrying overnight... Here are a few interesting international stories that have largely flown beneath the radar this past week. More>>

Amnesty/Human Rights Watch: Appalling Abuse, Neglect Of Refugees On Nauru

Refugees and asylum seekers on Nauru, most of whom have been held there for three years, routinely face neglect by health workers and other service providers who have been hired by the Australian government, as well as frequent unpunished assaults by local Nauruans. More>>


Other Australian Detention

Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news