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FAO: Global food prices dipped in October

Global food prices dipped in October, led lower by dairy products, averaging 27 percent below its all-time high reached in early 2011.

Thursday 2 November 2017 (1 years 1 months 16 days ago)
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The FAO Food Price Index averaged 176.4 points for the month of October, down 1.3 percent from September while still up 2.5 percent from a year earlier.

The FAO Dairy Price Index declined 4.2 percent during the month, marking its first drop since May.

International quotations for butter and whole milk powder eased in October, as importers held back on purchases awaiting new supplies from Oceania, while low demand and ample intervention stocks in the EU pushed skim milk powder prices down.

The FAO Vegetable Oil Price Index also declined, by 1.1 percent from its September value, as key palm and soy oil prices eased in light of positive production prospects.

The FAO Sugar Price index declined 0.7 percent, influenced by weakening in the currency of Brazil, the largest exporter, and on the back of prospects for larger beet crops in the EU and a bigger output in the Russian Federation.

The FAO Meat Price Index declined 0.9 percent, as intensifying competition among pigmeat exporters, combined with sluggish import demand, drove international quotations lower.

The FAO Cereal Price Index edged up a notch, 0.4 percent led by higher rice prices even as wheat quotations were generally lower.

Thursday November 2, 2017/ FAO.
http://www.fao.org

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