Planet foodstuff cost index rises for seventh thirty day period running in Dec -FAO

ROME (Reuters) – Entire world foodstuff prices rose for a seventh consecutive month in December, with all the significant types, barring sugar, putting up gains past thirty day period, the United Nations food agency claimed on Thursday.

FILE Image: Wheat is found during sunset in a discipline of the Solgonskoye farming enterprise in the village of Solgon, Russia, in this September 6, 2014 REUTERS/Ilya Naymushin

The Meals and Agriculture Organization’s food items rate index, which actions regular monthly variations for a basket of cereals, oilseeds, dairy solutions, meat and sugar, averaged 107.5 details previous month vs . 105.2 in November.

The November determine was previously provided as 105..

For the entire of 2020, the benchmark index averaged 97.9 points, a three-calendar year higher and a 3.1% boost from 2019. It was continue to down far more than 25% from its historical peak in 2011.

Vegetable oil charges continued current powerful gains, leaping 4.7% month-on-thirty day period in December right after surging extra than 14.% in November. For the complete of 2020, the index was up 19.1% on 2019.

FAO mentioned offer tightness in major palm oil manufacturing international locations had pushed prices up, when trade was also impacted by a sharp hike in export duties in Indonesia. Selling prices for soy oil rose partly simply because of prolonged strikes in Argentina. [POI/]

The cereal cost index posted a more modest 1.1% increase in December from the month in advance of. For all of 2020 the index averaged 6.6% earlier mentioned 2019 degrees.

Export price ranges for wheat, maize, sorghum and rice all rose in December, relocating increased in portion due to concerns over rising circumstances and crop potential clients in North and South The usa as perfectly as Russia, the Rome-based mostly FAO claimed.

The dairy index climbed 3.2% on the thirty day period, nonetheless, in excess of the total of 2020, it averaged some 1.% significantly less than in 2019.

In December, all elements of the index rose thanks to potent world wide import demand from customers induced by issues in excess of drier and hotter disorders on Oceania’s milk generation as effectively as substantial inner need in Western Europe.

The meat index pushed up 1.7% previous thirty day period, even though its whole-calendar year regular was 4.5% under that of 2019. FAO reported poultry quotations rebounded in December, partly because of to the impression of avian influenza outbreaks in Europe. Nevertheless, pig meat rates fell slightly, hit by the suspension of German exports to Asian marketplaces adhering to African Swine Fever outbreaks.

Bucking the rises in other indices, common sugar prices dipped by .6% in December. For 2020 as a entire, the sub-index posted a most 1.1% get on 2019 stages. FAO stated the relative firmness of newest facts mirrored a surge in imports by China and increased need for refined sugar from Indonesia. [SOF/L]

FAO did not problem an up-to-date forecast for around the globe cereal harvests in January. Its subsequent estimate is because of in February.

Very last month, FAO revised down its forecast for the 2020 cereal year for a 3rd month running, reducing it to 2.742 billion tonnes from a past 2.75 billion tonnes.

Reporting by Crispian Balmer

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