The FAO Food Price Index (FFPI) averaged 169.8 points in December 2017, down 5.8 points (3.3 percent) from November with the steepest declines registered in the prices of dairy, vegetable oils and sugar while those of cereals and meat also fell but only slightly. For the whole of 2017, the FFPI averaged 174.6 points, up 8.2 percent from 2016 and representing the highest annual average since 2014 although still 24 percent below the 2011 high of almost 230 points. While sugar values plummeted in 2017, dairy and meat prices registered sharp year-on-year increases and those of cereals and oils rose too, albeit more modestly.
The FAO Meat Price Index averaged 171.6 points in December, marginally below its slightly revised value of November. International price quotations for bovine meat fell, pressured by increased offerings in both domestic and international markets. However, pig, poultry and ovine meat quotations changed only little, reflecting an overall balanced supply and demand situation. For the year, the FAO Meat Price Index averaged 170 points in 2017, up 9 percent from 2016 but 4.7 percent below the average for the preceding five years (2012-2016). In 2017, ovine meat prices recorded the largest increase, followed by those of pigmeat, poultry and bovine meat.
Thursday January 11, 2018/ FAO.