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

 


World Food Prices Hit Six-Month Low

World Food Prices Hit Six-Month Low, UN Agency Reports

7 August 2014

Global food prices fell for a fourth consecutive month in July, a sharp decline for grains, oilseeds and dairy products outweighing strong meat and sugar prices, the United Nations agriculture agency reported.

The UN Food and Agriculture Organization’s (FAO) Food Price Index, which measures the monthly change in international prices of a basket of 55 food commodities, averaged 203.9 points in July, down 4.4 points or 2.1 per cent from June.

“The lingering decline of food prices since March reflects much better expectations over supplies in the current and forthcoming seasons,” said FAO senior economist Concepción Calpe.

The FAO Cereal Price Index averaged 185.4 points in July, down 10.7 points or 5.5 per cent from June, and as much as 36.9 points or 16.6 per cent below the level one year ago.

Lower grain prices “reflected excellent production prospects as well as expected abundant exportable supplies in the 2014/15 marketing season,” according to the FAO.

In contrast, rice prices edged marginally higher, on renewed import demand, especially given the drought and subsidy lapse in Thai production.

The FAO Vegetable Oil Price Index averaged 181.1 points in July, down 7.7 points or 4.1 per cent from June. The decline continued to be primarily driven by falling soy and palm oil prices, primarily in response to abundant supplies from the United States and South America.

Prices of dairy also fell, albeit temporarily. FAO attributed reduced import demand, including a decline in purchases of butter, by Islamic countries during the holy month of Ramadan.

The FAO Dairy Price Index averaged 226.1 points in July, down 10.3 points or 4.4 per cent over June, and down 17.5 points or 7.2 per cent from the same period last year.

Meanwhile, meat prices rose for the fifth consecutive month in July, and those for sugar remained firm.

“Livestock product markets have their own dynamics: in the case of meat, beef in particular, many exporting countries are in a herd rebuilding phase, which is limiting availability for exports and sustaining prices,” said Mr. Calpe.

A continued strong demand for meat in Asia, and particularly China, helped to edge up the FAO Meat Price Index which averaged 204.8 points in July, 3.7 points or 1.8 per cent higher than its revised value in June and 25.4 points or 14.1 per cent above the same period last year.

International sugar prices, which have been relatively volatile over the last three months as the world’s largest producer, Brazil, grabbles with a drought, and the second largest producer, India, is expected to experience below average monsoon rains.

These factors contributed to a marginal change of 1.1 points or 0.4 percent in the FAO Sugar Price Index, averaging 259.1 points in July. That figure is 20.2 points or 8.4 per cent higher than in July 2013.

ENDS


© Scoop Media

 
 
 
 
 
World Headlines

 

Myanmar Election: UNICEF Urges Prioritisation Of Children

With 99 days to go before Myanmar elections, UNICEF urges candidates make children the clear winner More>>

Liberia Thousands Of Unregistered Children Born During Ebola Crisis

Thousands of unregistered children born in Liberia during Ebola crisis at risk of exploitation – UNICEF More>>

UN Refugee Agency Envoy Angelina Jolie Visits Myanmar

UNHCR Special Envoy Angelina Jolie Pitt (left) in Myitkyina township, Kachin State, Myanmar, meeting with some of the 100,000 displaced people who currently live there. Photo: UNHCR/T.Stoddart More>>

As Health Needs Rise In Somalia, Funding Hits New Low

As health needs rise in Somalia, funding hits new low, cutting off 1.5 million from care – UN More>>

Need To End Violence Against Children In Conflict

‘We should be outraged’ more not being done to end violence against children in conflict – UNICEF chief More>>

On Mandela Day, UN Joins Call To Promote Community Service

Nelson Mandela, then Deputy President of the African National Congress of South Africa, raises his fist in the air while addressing the Special Committee Against Apartheid in the General Assembly Hall. UN Photo/P. Sudhakaran More>>

Some $3.2 Billion Needed For Ebola Recovery Efforts

Some $3.2 billion needed for Ebola recovery efforts in Guinea, Liberia and Sierra Leone – UN More>>

World Day: UN Spotlights Plight Of Vulnerable Populalations

Syrian refugees fleeing the fighting near the Syrian city of Kobani wait in a holding area before boarding buses in Turkey (September 2014). Photo: UNHCR /I. Prickett More>>

Afghanisatan: Direct Talks Between Government And Taliban

The United Nations Security Council has welcomed the recently held direct talks between Afghan Government and Taliban representatives as a step towards “peace and reconciliation” in the region. More>>

Eradicating World Hunger By 2030

Agriculture workers collect carrots on a farm in Chimaltenango, Guatemala. Photo: World Bank/Maria Fleischmann More>>

Bangladesh: Flood Leads To UN Agency Providing Food Relief

Anwar Hossain unloads cartons of High Energy Biscuits from a pickup truck and transfers them to a distribution center in Kawar Khop union, Ramu upazila, Cox’s Bazar, Bangladesh. Photo: WFP/Kamrul Mithon More>>

Get More From Scoop

 
 
 
 
 
World
Search Scoop  
 
 
Powered by Vodafone
NZ independent news