Food costs around the globe cooled barely in August, as decrease costs for sugar, meat and cereals greater than offset increased dairy and vegetable oil costs, the United Nations meals company stated on Friday.
The worth index, compiled by the U.N. Food and Agriculture Organization (FAO) to trace probably the most globally traded meals commodities, slipped to 120.7 factors in August from a revised 121 in July.
The FAO index hit a three-year low in February this 12 months as meals costs retreated from a file peak in March 2022 following Russia’s invasion of Ukraine.
The August worth was 1.1% decrease than its stage a 12 months in the past and 24.7% beneath its peak from March 2022.
In a separate report, the FAO lowered its forecast for world cereal manufacturing in 2024 by 2.8 million metric tons to 2.851 billion tons, placing it virtually on par with the earlier 12 months’s output.
The lower largely displays lowered prospects for coarse grain crops within the European Union, Mexico and Ukraine, due to scorching and dry climate circumstances.
The forecast for world cereal utilization in 2024/25 was lowered by 4.7 million tons versus July to 2.852 billion tons, reflecting a 0.2% improve from 2023/24.
The company additionally lower its forecast for world cereal shares on the shut of seasons in 2025 by 4.5 million tons to 890 million.
Source: www.dailysabah.com