Thu 02 September 2021:
The UN’s Food and Agriculture Organization (FAO) reported on Thursday that global food prices bounced back in August after two months of fall.
The FAO Food Price Index increased 3.1 percent month over month in August, averaging 127.1 points, according to the UN authority.
The rise was fueled by strong gains in the sugar, vegetable oil, and cereal subindices.
The FAO Food Price Index is a trade-weighted index that tracks five major food commodity categories’ international market prices.
The vegetable oil price index increased 6.7 percent from its five-month low in July, reflecting higher palm, rapeseed, and sunflower seed oil prices.
Sugar prices rose 9.6% in August, marking the fifth consecutive monthly increase and the highest level since February 2017. Concerns over frost damage to crops in Brazil, the world’s largest sugar exporter, prompted the move.
With lower harvest predictions in some key exporting countries, the cereal price index increased by 3.4 percent on a monthly basis.
The meat price index was somewhat higher in August than in July, while the dairy price index was the only sub-index that fell.
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