Connect with us

Hi, what are you looking for?

News

World food price index falls for fifth month in August

TWITTER.COM/FAOSOCIOECON

PARIS — The United Nations food agency’s world price index fell for a fifth month in a row in August, further from all-time highs hit earlier this year, as a resumption of grain exports from Ukrainian ports contributed to improved supply prospects.

The Food and Agriculture Organization (FAO) said on Friday that its price index, which tracks the most globally traded food commodities, averaged 138.0 points last month versus a revised 140.7 for July.

The July figure was previously put at 140.9.

The index has fallen from a record of 159.7 in March, hit after Russia’s invasion of Ukraine. The August reading was, however, 7.9% higher than a year earlier.

FAO’s cereal price index fell 1.4% month on month in August, with the reopening of Ukrainian Black Sea ports under a diplomatic deal as well as favorable wheat harvest prospects in North America and Russia weighing on prices, the agency said.

But the maize price index rose 1.5% last month as hot, dry weather reduced the outlook for production in Europe and the US, it said. The vegetable oil, sugar, dairy and meat price indices all fell, partly reflecting improved supplies.

In separate cereal supply and demand estimates, FAO lowered its forecast for global cereal production in 2022 to 2.774 billion tons from a previous projection of 2.792 billion in early July. That is 1.4% below estimated output for 2021.

The cut to its prediction for 2022 cereal production was due to the weather-reduced corn prospects in the northern hemisphere, with European Union yields notably seen falling 16% below their five-year average, FAO said.

World cereal use in 2022/23 is expected to surpass production at 2.792 million tons, leading to a projected 2.1% fall in global stocks compared with 2021/22 to 845 million tons. That would represent a stocks-to-use ratio of 29.5%, down from 30.9% in 2021/22 but still relatively high historically, FAO said. — Reuters

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

PHILIPPINE STAR/ MICHAEL VARCAS WASHINGTON D.C. — The United States is seeking to form a coalition of countries to drive negotiations on a global...

News

Buildings are seen along EDSA in Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN By Diego Gabriel C. Robles  THE WORLD BANK (WB) upgraded...

News

Heavy traffic is seen on the southbound lane of EDSA in Cubao, Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN THE PHILIPPINE auto industry’s...

News

REUTERS THE BANGKO SENTRAL ng Pilipinas (BSP) may deliver a second off-cycle rate hike in early November when the US Federal Reserve is expected...

News

Vendors arrange their goods at a public market in Manila. — PHILIPPINE STAR/ RUSSEL A. PALMA THE ASIAN Development Bank (ADB) is planning to...

Editor’s Pick

With the reversal of the 1.25% rise in National Insurance Contributions happening on the 6th of November, employers across the nation have an opportunity...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.