By Yusuf Khan October 7, 2022
Source: Market Watch
Photo Source: Unsplash, Emy
Global food prices fell for the sixth consecutive month, according to a new report from the Food and Agriculture Organization of the United Nations, although worries around grain trade and output remain.
The FAO's food-price index, a closely watched barometer of global food prices, averaged 136.3 points in September, down 1.1% from the previous month but still 5.5% above the level last year.
Much of the decline was led by declines in prices for vegetable oil, which fell by 6.6% to reach their lowest level since February 2021, the UN body said Friday.
Cereal prices rose by 1.5%, led by a rebound in wheat prices from August, according to the FAO. Poorer wheat harvests in Argentina and the U.S. as well as rising rate of exports from the European because of uncertainty as to how long the Black Sea Grain deal--which has the aim of paving the way for Russian and Ukrainian grain and fertilizer to reach global markets--will last were the main factors.
The rice price index also rose by 2.2%, in response to export policy changes in India and concerns about the impact of the severe flooding in Pakistan, the FAO added.
Dairy prices dropped 0.6% on month, meat prices fell 0.5% and sugar was down 0.7%. The FAO also lowered its cereal-production forecast for the coming 2022 to 2,768 million metric tons--1.7% below 2021's figure, with utilization rates also falling on lower animal feed usage. World grain trade is also expected to fall 2.4% between July 2022 and June 2023 because of the Ukraine war and U.S. dollar strength.
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