Global meals costs rose in April for the primary time in a 12 months however are nonetheless some 20% up on a report excessive hit in March 2022 following Russia’s invasion of Ukraine, based on the United Nations’ meals company.
The Food and Agriculture Organization’s (FAO) worth index, which tracks probably the most globally traded meals commodities, averaged 127.2 factors final month towards 126.5 for March, the company mentioned Friday. The March studying was initially given as 126.9.
The Rome-based company mentioned the April rise mirrored larger costs for sugar, meat and rice, which offset declines within the cereals, dairy and vegetable oil worth indices.
“As economies recover from significant slowdowns, demand will increase, exerting upward pressure on food prices,” mentioned FAO Chief Economist Maximo Torero.
The sugar worth index surged 17.6% from March, hitting its highest degree since October 2011. FAO mentioned the rise was linked to issues of tighter provides following downward revisions to manufacturing forecasts for India and China, together with lower-than-earlier-expected outputs in Thailand and the European Union.
While the meat index rose 1.3% month-on-month, dairy costs dipped 1.7%, vegetable oil costs fell 1.3% and the cereal worth index shed 1.7%, with a decline in world costs of all main grains outweighing a rise in rice costs.
“The increase in rice prices is extremely worrisome and it is essential that the Black Sea initiative is renewed to avoid any other spikes in wheat and maize,” mentioned Torero, referring to a deal to permit the export of Ukrainian grain by way of the Black Sea.
In a separate report on cereals provide and demand, the FAO forecast world wheat manufacturing in 2023 of 785 million tons, barely beneath 2022 ranges however nonetheless the second largest outturn on report.
“(The) 2023/24 prospects for rice production along and south of the equator are mixed, largely due to the regionally varied impact of the La Niña event,” FAO mentioned.
FAO raised its forecast for world cereal manufacturing in 2022 to 2.79 billion tons from a earlier 2.78 billion, simply 1.0% down from the earlier 12 months.
World cereal utilization within the 2022/23 interval was seen at 2.78 billion tons, FAO mentioned, down 0.7% from 2021/22. World cereal shares by the shut of the 2022/2023 seasons are anticipated to ease by 0.2% from their opening ranges to 855 million tons.
Source: www.dailysabah.com
