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 http://www.un.org/news

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