Globe food value index rises for seventh month jogging in Dec -FAO

ROME (Reuters) – Entire world foodstuff costs rose for a seventh consecutive thirty day period in December, with all the main types, barring sugar, publishing gains previous month, the United Nations food items company said on Thursday.

FILE Photo: Wheat is found throughout sunset in a industry of the Solgonskoye farming company in the village of Solgon, Russia, in this September 6, 2014 REUTERS/Ilya Naymushin

The Food items and Agriculture Organization’s food items price tag index, which steps month to month modifications for a basket of cereals, oilseeds, dairy items, meat and sugar, averaged 107.5 details last thirty day period compared to 105.2 in November.

The November determine was formerly offered as 105..

For the total of 2020, the benchmark index averaged 97.9 factors, a 3-yr high and a 3.1% boost from 2019. It was nonetheless down additional than 25% from its historical peak in 2011.

Vegetable oil costs ongoing modern sturdy gains, leaping 4.7% month-on-month in December soon after surging a lot more than 14.% in November. For the total of 2020, the index was up 19.1% on 2019.

FAO stated source tightness in main palm oil producing countries had pushed prices up, although trade was also impacted by a sharp hike in export obligations in Indonesia. Rates for soy oil rose partly because of prolonged strikes in Argentina. [POI/]

The cereal price tag index posted a more modest 1.1% increase in December from the thirty day period before. For all of 2020 the index averaged 6.6% higher than 2019 degrees.

Export price ranges for wheat, maize, sorghum and rice all rose in December, going greater in element owing to worries around expanding problems and crop potential customers in North and South America as effectively as Russia, the Rome-centered FAO claimed.

The dairy index climbed 3.2% on the thirty day period, nevertheless, in excess of the full of 2020, it averaged some 1.% a lot less than in 2019.

In December, all factors of the index rose due to sturdy world-wide import desire induced by worries above drier and warmer problems on Oceania’s milk creation as properly as superior internal demand from customers in Western Europe.

The meat index pushed up 1.7% final thirty day period, though its total-year normal was 4.5% below that of 2019. FAO reported poultry quotations rebounded in December, partly due to the influence of avian influenza outbreaks in Europe. Even so, pig meat prices fell a little bit, hit by the suspension of German exports to Asian marketplaces next 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% obtain on 2019 concentrations. FAO mentioned the relative firmness of most recent data mirrored a surge in imports by China and elevated need for refined sugar from Indonesia. [SOF/L]

FAO did not concern an up to date forecast for throughout the world cereal harvests in January. Its subsequent estimate is because of in February.

Final month, FAO revised down its forecast for the 2020 cereal season for a 3rd month functioning, slicing it to 2.742 billion tonnes from a past 2.75 billion tonnes.

Reporting by Crispian Balmer

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