Global food price index remains steady at 120.6 points last month
(MENAFN) In June, the global food price index reported by the UN Food and Agriculture Organization (FAO) remained steady at 120.6 points, unchanged from its revised figure in May. This index serves as a weighted measure tracking international market prices across five key food commodity groups.
The cereal price index notably decreased by 3 percent month-on-month in June, largely influenced by improved production forecasts in major exporting nations. Conversely, the FAO Vegetable Oil Price Index saw a 3.1 percent increase from May, driven by heightened global import demand for palm oil and strong biofuel sector demand in the Americas for soy and sunflower oils.
Meanwhile, the Sugar Price Index reversed its trend with a 1.9 percent growth in June following three consecutive monthly declines. Dairy prices also saw an uptick, rising by 1.2 percent compared to the previous month, buoyed by international butter prices reaching a 24-month peak.
The FAO Meat Price Index showed minimal change in June, as declines in international poultry meat prices due to supply factors were nearly balanced by slight increases in ovine, pig, and bovine meat prices.
Overall, June's stable food price index reflects a mixed performance across various food commodities, influenced by global production trends, demand dynamics, and sector-specific factors. Continued monitoring will be crucial to assess future trends and their implications for global food markets.
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