HomeEconomyGlobal food prices jump for 3rd straight month: UN agency

Global food prices jump for 3rd straight month: UN agency

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Global meals costs rose for a 3rd consecutive month in May, as increased cereals and dairy product costs outweighed decreases in costs for sugar and vegetable oils, the United Nations meals company mentioned on Friday.

The U.N. Food and Agriculture Organization’s (FAO) value index, which tracks probably the most globally traded meals commodities, averaged 120.4 factors in May, up 0.9% from its revised April stage.

The May studying was nonetheless 3.4% under the extent seen a yr earlier.

The FAO index hit a three-year low in February as meals costs continued to ease off from a file peak set in March 2022, following Russia’s invasion of fellow crop export main Ukraine.

The uptick in May was supported by cereal costs rising 6.3% month-over-month amid rising considerations about unfavorable crop situations curbing 2024 harvests in key producing areas like northern America, Europe and the Black Sea area.

Dairy costs elevated 1.8% in May from April, the FAO mentioned, underpinned by elevated product demand forward of the summer time holidays amid worries that milk manufacturing in western Europe could fall.

The FAO’s May sugar index fell sharply, reducing 7.5% on a month-to-month foundation, as a very good begin to the brand new harvest in high producer Brazil acquired underway. Vegetable oil costs declined 2.4% for the month, as palm oil quotations fell amid rising seasonal output.

In a separate report on cereals provide and demand, the FAO forecast 2024/25 world cereal manufacturing at 2.846 billion metric tons, roughly on par with 2023/24’s file output, as barley, rice and sorghum output is seen growing, offsetting declines in maize and wheat.

The FAO warned, nonetheless, that the “recent adverse weather conditions in the Black Sea region will likely result in a downgrade in world wheat production, a possibility not yet reflected in the forecast.”

World cereal utilization in 2024/25 was seen growing 0.5% year-over-year to a brand new file excessive of two.851 billion tons, the FAO mentioned. World cereal shares will doubtless improve 1.5% from their opening ranges to a file 897 million tons, it added.

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