ROME (Reuters) – World foods selling prices rose for a seventh consecutive month in December, with all the big types, barring sugar, putting up gains very last thirty day period, the United Nations food company stated on Thursday.
The Food items and Agriculture Organization’s food items price tag index, which measures every month adjustments for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 107.5 details previous thirty day period versus 105.2 in November.
The November figure was earlier offered as 105..
For the entire of 2020, the benchmark index averaged 97.9 factors, a 3-12 months high and a 3.1% raise from 2019. It was nevertheless down much more than 25% from its historical peak in 2011.
Vegetable oil costs continued current sturdy gains, leaping 4.7% month-on-month in December soon after surging a lot more than 14.% in November. For the entire of 2020, the index was up 19.1% on 2019.
FAO claimed supply tightness in important palm oil creating international locations experienced pushed charges up, whilst trade was also impacted by a sharp hike in export obligations in Indonesia. Costs for soy oil rose partly mainly because of extended strikes in Argentina. [POI/]
The cereal rate index posted a extra modest 1.1% increase in December from the month prior to. For all of 2020 the index averaged 6.6% higher than 2019 stages.
Export selling prices for wheat, maize, sorghum and rice all rose in December, transferring increased in portion thanks to considerations around escalating ailments and crop prospects in North and South The united states as properly as Russia, the Rome-centered FAO explained.
The dairy index climbed 3.2% on the thirty day period, nonetheless, over the complete of 2020, it averaged some 1.% fewer than in 2019.
In December, all parts of the index rose owing to potent international import demand from customers triggered by worries above drier and warmer circumstances on Oceania’s milk generation as properly as superior inside demand from customers in Western Europe.
The meat index pushed up 1.7% previous month, while its total-year common 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. Having said that, pig meat rates fell somewhat, strike by the suspension of German exports to Asian markets pursuing African Swine Fever outbreaks.
Bucking the rises in other indices, regular sugar rates dipped by .6% in December. For 2020 as a total, the sub-index posted a most 1.1% attain on 2019 ranges. FAO explained the relative firmness of most recent details reflected a surge in imports by China and enhanced demand from customers for refined sugar from Indonesia. [SOF/L]
FAO did not challenge an up to date forecast for globally cereal harvests in January. Its up coming estimate is thanks in February.
Last thirty day period, FAO revised down its forecast for the 2020 cereal year for a 3rd month managing, cutting it to 2.742 billion tonnes from a prior 2.75 billion tonnes.
Reporting by Crispian Balmer