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Global food prices on rise in May: UN food body

By   /  June 7, 2018  /  No Comments

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Global food prices on rise in May: UN food body

ANKARA : Global food prices in May rose to their highest level since October last year, according to the UN Food and Agriculture Organization (FAO) on Thursday.

The food price index averaged 176.2 points in the month, up 2.2 percentage points or 1.2 percent from April, the FAO said in a statement.

The FAO Food Price Index is a trade-weighted index that tracks international market prices of five major food commodity groups.

“The increase in May reflected a continued steep rise in dairy price quotations, while those of cereals also rose, albeit at a slower pace,” the statement read.

It added that vegetable oil and sugar markets were under downward pressure while meat values slightly changed.

The dairy price index rose for the fourth consecutive month, rising 5.5 percent or 11 points in May.

“The rise in May was mainly driven by sizeable increases in the price quotations of cheese, skim milk powder and butter, as those of whole milk powder were virtually unchanged,” it said.

The cereal price index advanced 2.4 percent on a monthly basis in May.

“The index continued on an upward path since the start of this year, standing in May at almost 17 percent above its corresponding value a year ago and reaching the highest level since January 2015,” the statement read.

FAO said the vegetable oil price index slipped four points from April to reach 150.6 points in May, posting a fourth consecutive decline and a 27-month low.

The meat price index averaged 169.6 points in May, marginally lower than in April.

The sugar price index posted the sixth consecutive monthly decline, down 0.5 percent, month-on-month, in May.

The UN body is set to release next global food prices data on July 5.

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