World Food Price Index Surges In May To Highest Level Since 2011: FAO
The world food prices rose in May at their fastest monthly rate in more than a decade, posting a 12th consecutive monthly increase to hit their highest level since September 2011, the United Nations Food and Agriculture Organization (FAO) said
ISLAMABAD, (UrduPoint / Pakistan Point News - 31st Jul, 2021 ) :The world food prices rose in May at their fastest monthly rate in more than a decade, posting a 12th consecutive monthly increase to hit their highest level since September 2011, the United Nations Food and Agriculture Organization (FAO) said.
The Food and Agriculture Organization's food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 127.1 points last month versus a revised 121.3 in April.
Maize prices led the surge and are now 89.9% above their year-earlier value, however FAO said they fell back at the end of the month, lifted by an improved production outlook in the United States.
The vegetable oil price index jumped 7.8% in May, lifted primarily by rising palm, soy and rapeseed oil quotations. Palm oil prices were boosted by slow production growth in southeast Asia, while prospects of robust global demand, especially from the biodiesel sector, drove up soyoil prices.
Dairy prices rose 1.8% on a monthly basis and were up 28% on a year earlier. The increase was led by "solid import demand" for skim and whole milk powders, while butter prices fell for the first time in almost a year on increased export supplies from New Zealand.
FAO said its forecast for record world cereal production this year was underpinned by a projected 3.7% annual growth in maize output.
Global wheat production was seen rising 1.4% year-on-year, while rice production was forecast to grow 1.0%.
World cereal utilization in 2021/22 was seen increasing by 1.7% to a new peak of 2.826 billion tonnes, just above production levels.
"Total cereal food consumption is forecast to rise in tandem with world population," FAO said.