(MENAFN) In its latest report released on Friday, the UN Food and Agriculture Organization (FAO) revealed a slight increase in global food prices for April, driven by rising prices in categories such as meat, cereals, and vegetable oils, which offset declines in dairy and sugar prices.
The FAO Food Price Index for April averaged 119.1 points, registering a marginal decrease of 0.3 percent compared to March and a notable decline of 9.6 percent compared to April 2023. This index serves as a trade-weighted measure, tracking international market prices across five major food commodity groups.
Cereal prices, after experiencing a three-month decline, saw a modest increase of 0.3 percent from the previous month. The stabilization of global wheat export prices in April was attributed to fierce competition among major exporters, which countered concerns over unfavorable crop conditions in regions such as the EU, Russia, and the US.
Meanwhile, the vegetable oil price index reached a 13-month high, rising by 0.3 percent month-on-month. The meat price index also saw a notable uptick of 1.6 percent in April, driven by increases in international prices of poultry, bovine, and ovine meats.
Conversely, the dairy products and sugar indexes experienced declines of 0.3 percent and 14.7 percent, respectively, during the same period. The significant drop in the FAO Sugar Price Index was primarily attributed to improved global supply prospects, notably stemming from larger-than-anticipated outputs in India and Thailand, along with improved weather conditions in Brazil. These factors collectively contributed to an improved outlook for sugar production and availability in the global market.
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