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World food prices rose significantly in November, reaching their highest point in more than two years, driven by jumps in the international prices of meat products and vegetable oils.
The FAO Food Price Index, which tracks monthly changes in the international prices of commonly-traded food commodities, averaged 177.2 points over the month, up 2.7 percent from October and 9.5 percent from the same period a year earlier.
The FAO Vegetable Oil Price Index rose by 10.4 percent in November, as palm oil price quotations rose amid robust global import demand, increased use for the production of biodiesels and expectations of possible supply shortages next year. Rapeseed and soy oil values also rose.
The FAO Meat Price Index averaged 190.5 points in November, up 8.4 points (4.6 percent) from October, representing the largest month-on-month increase since May 2009. At this level, the index is almost 28 points (17.2 percent) above its value a year ago, but still 21.5 points (9.4 percent) below the peak reached in August 2014. Price quotations for all types of meat represented in the Index firmed, with those of bovine and ovine rising the most, reflecting tight export availabilities against persistent strong import demand, especially from China. Demand led by end-of-the-year festivities exacerbated the tightening of global meat markets, lifting pig meat prices further and resulting in some increase in poultry meat prices after three months of declines.
Thursday December 5, 2019/ FAO.
http://www.fao.org
