Geri
Global food prices hit their highest level since March 2023. According to the United Nations Food and Agriculture Organisation (FAO), the FAO food price index increased by 1 percent on a monthly basis, averaging 128.3 points, and increased by 7,6 percent on an annual basis. Increases in global food prices for cereals, meat and dairy products outweighed declines in sugar and vegetable oils. This increase was fuelled by concerns about tightening supplies in Russia and the weakening of the US dollar against the euro. International maize prices also rose due to seasonal stock levels in the US. Among other coarse grains, barley and sorghum prices also increased.
The FAO Vegetable Oil Price Index fell by 2,3 per cent on a monthly basis, but rose to 20,7 per cent on an annual basis, as seasonally higher production in the major producing countries of Southeast Asia declined. Palm oil prices were the main driver of the decline, while sunflower prices remained stable.
The FAO Meat Food Price Index rose by 3,2 per cent month-on-month and 4,3 per cent year-on-year, boosted by stable import supply demand in Brazil and Australia.
The Sugar Price Index declined due to uncertainties in the global economy and concerns over demand from the beverage and food sectors in parallel with this. Other important reasons for the decline in world sugar prices were the high sugar production in Brazil, the depreciation of the Brazilian real against the US dollar and the decline in international crude oil prices.
