Earth food stuff cost index rises for seventh month in Dec.

REUTERS

ROME — Planet foods rates rose for a seventh consecutive month in December, with all the major groups, barring sugar, posting gains past thirty day period, the United Nations foods agency reported on Thursday.

The Meals and Agriculture Organization’s (FAO) foodstuff price tag index, which steps monthly improvements for a basket of cereals, oilseeds, dairy solutions, meat and sugar, averaged 107.5 details previous month as opposed to 105.2 in November.

The November determine was beforehand given as 105..

For the entire of 2020, the benchmark index averaged 97.9 details, a three-yr higher and a 3.1% raise from 2019. It was still down far more than 25% from its historic peak in 2011.

Vegetable oil selling prices ongoing the latest robust gains, jumping 4.7% month-on-thirty day period in December following surging much more than 14.% in November. For the total of 2020, the index was up 19.1% on 2019.

FAO stated source tightness in big palm oil developing nations around the world had pushed costs up, although trade was also impacted by a sharp hike in export duties in Indonesia. Selling prices for soy oil rose partly due to the fact of prolonged strikes in Argentina.

The cereal price index posted a additional modest 1.1% increase in December from the thirty day period just before. For all of 2020 the index averaged 6.6% earlier mentioned 2019 stages.

Export prices for wheat, maize, sorghum and rice all rose in December, shifting higher in part because of to worries about rising conditions and crop prospective customers in North and South The us as well as Russia, the Rome-dependent FAO mentioned.

The dairy index climbed 3.2% on the thirty day period, having said that, around the complete of 2020, it averaged some 1.% significantly less than in 2019.

In December, all components of the index rose owing to robust worldwide import need activated by issues above drier and warmer problems on Oceania’s milk generation as nicely as large inner demand from customers in Western Europe.

The meat index pushed up 1.7% very last thirty day period, while its total-yr normal was 4.5% under that of 2019. FAO stated poultry quotations rebounded in December, partly because of to the impact of avian influenza outbreaks in Europe. On the other hand, pig meat selling prices fell a bit, hit by the suspension of German exports to Asian marketplaces pursuing African Swine Fever outbreaks.

Bucking the rises in other indices, regular sugar charges dipped by .6% in December. For 2020 as a full, the sub-index posted a most 1.1% get on 2019 ranges. FAO claimed the relative firmness of most current info reflected a surge in imports by China and elevated need for refined sugar from Indonesia.

FAO did not concern an current forecast for globally cereal harvests in January. Its up coming estimate is owing in February.

Very last thirty day period, FAO revised down its forecast for the 2020 cereal year for a 3rd month jogging, slicing it to 2.742 billion tons from a former 2.75 billion tons. —  Reuters

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