FAO: International food prices stagnated in October
The international index for food prices ended October with a minimal – half a percent – decrease, only dairy products rose in price – reported the Food and Agriculture Organization of the United Nations (FAO).
With this, the October value of the FAO food price index – which tracks the monthly price changes of the most important food raw materials in international trade – was 10.9% below the level of a year earlier.
The cereal price index decreased by 1.0% in one month. Rice prices on international markets fell by 2.0% due to sluggish import demand, while wheat prices fell by 1.9% due to strong supply from the United States of America and intense competition among exporters. On the other hand, quotations for grain crops – led by corn – increased somewhat, partly due to low Argentine stocks.
The vegetable oil price index has shrunk 0.7% since September, after lower palm oil prices due to seasonally high output and depressed demand more than offset gains in soybean, sunflower and canola oils. The price of soybean oil increased mainly due to higher demand from biodiesel producers.
Although the price index of sugar decreased by 2.2%, it still exceeded its value a year ago by 46.6%. The correction in October was due to the rapid pace of Brazilian production, but the possibly shrinking global output limited the fall in the season ahead.
Related news
Shrink inflation is getting worse
Dishwashing detergent, sweets, sour cream, cottage cheese, kefir and camembert…
Read more >Food price increase to slow down significantly this year
Erste told at a press conference in April that food…
Read more >In the OECD, inflation stagnated in February
In the countries belonging to the Organization for Economic Cooperation…
Read more >Related news
BH AgrárTrend Index: the outlook for the Hungarian food industry has stabilized
The assessment of the situation of the actors of the…
Read more >Shrink inflation is getting worse
Dishwashing detergent, sweets, sour cream, cottage cheese, kefir and camembert…
Read more >NGM: innovation means the future of the food industry, State Secretary Gergely Fábián handed over new developments
In the framework of the Food Supplier Development Program (ÉLIP…
Read more >