The FAO publishes its own Food Price Index on a monthly basis, which measures price changes in a food basket consisting of cereals, vegetable oils, dairy products, meat and sugar.
According to the quoted source, in April 2022, this index decreased by 0.8% compared to March, to 158.5 points, compared to the historical maximum of 159.7 points reached in March.
“This small drop is welcome news, especially for low-income countries, but food prices remain close to recent highs, reflecting persistent market tensions and a challenge to global food security.” FAO Chief Economist Maximo Torero Cullen told Agerpres.
FAO data show that, Despite a slight decline in April compared to March this year, the global food price index is 29.8% higher than it was in April last year.an increase due in part to concerns about the impact of the Russian invasion of Ukraine.
The decline in the FAO index in April compared to March is primarily due to a 5.7% decline in the price of vegetable oils, as requests for rationalization have led to lower prices for palm oil, sunflower and soybeans.
The FAO’s grain price also fell by 0.7% in April, after a 17% jump in March. Within this category, international wheat prices increased by 0.2%, but this increase was offset by a 3% decrease in maize prices. The FAO points out that wheat prices have been hit hard by the continued blockade of Ukrainian ports and concerns about the state of US crops, but have been tempered by rising supplies from India and estimates of exports above expectations in Russia.
On the other hand, international sugar prices rose by 3.3% in April, meat prices rose by 2.2% and dairy prices rose by 0.9%.
Also on Friday, the FAO released a set of new revised estimates of world grain production for the 2021/2022 season. FAO expects world grain production of 2.799 billion tonnes, up 0.8% from 2019/2020 production. In the case of wheat, the FAO still expects world production to increase to 202 million tonnes in 2022 and says that this forecast takes into account an expected 20% reduction in harvested areas in Ukraine as well as a decrease in production due to drought in Morocco. .
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