World food prices continued their downward trend at the end of August for the fifth month in a row, announced the United Nations Food and Agriculture Organization (FAO).
According to the international organization, the barometer of world food prices continues to decline, reflecting the fall in prices of most reference products for the past month.
The UN agency, however, noted that the FAO Food Price Index, which averaged 138.0 points in August, down 1.9% from July, is likewise remained at a level 7.9% higher than its value a year ago.
In detail, data collected by the organization show that cereal prices fell by 1.4% compared to the previous month.
This decline is mainly due to the “5.1% drop in international wheat prices due to improved production prospects in North America and the Russian Federation, as well as the recovery of exports from the Ukrainian Black Sea ports,” the FAO said in its report.
According to the document made public recently, during the same month, rice prices remained generally stable, while those of coarse grains rose slightly, by 0.2%.
It should be noted that “the strengthening of world maize prices due to hot and dry growing conditions in the European Union and the United States of America was offset by the decline in barley and sorghum prices”, specified the FAO from the same source.
Regarding cereal production in 2022, the international institution expects a drop of 38.9 million tonnes in world cereal production, corresponding to a decline of 1.4% compared to the previous year.
In its report, it further emerges that the FAO Vegetable Oil Price Index fell 3.3% from July and stood at a level slightly below that of August 2021.
“The continued decline in the index is explained by the decline in world prices for palm, sunflower and rapeseed oils, which more than offset the rise in soybean oil prices,” according to the FAO. .
Driven by an increase in exportable supplies in Indonesia, international palm oil prices fell for the fifth consecutive month, the organization said. While soybean oil prices rose moderately amid concerns about the impact of unfavorable weather conditions on production in the United States of America, she said.
Averaging 143.5 points in August, or 3.0 points, the FAO Dairy Price Index lost 2.0% over the past month. Still, it is still 23.5 percent higher in value than in August 2021, the organization noted in its report.
Note that “world cheese prices recorded their tenth consecutive monthly increase, while those of milk weakened in the context of increased supply from New Zealand, despite a drop in production in Western Europe. and in the United States of America,” the FOA explained.
With an average of 122.7 points in August, or 1.8 points, the FAO Meat Price Index for its part fell by 1.5% compared to July, while maintaining an increase of 8, 2% from its value a year ago.
Against the backdrop of ample global export supplies, the data shows that “international poultry prices fell in August, while beef prices declined due to weak domestic demand in some major countries. exporters”. As for pigmeat prices, everything leads us to believe that they rose for the same month of August.
Reaching an average value of only 110.4 points in August, the FAO Sugar Price Index fell 2.4 points (2.1%) compared to July, thus reflecting the fourth monthly decline run of the index (which had reached its lowest level since July 2021).
The drop in the FAO Sugar Price Index is mainly due to “the effect of the increase in the export ceiling in India and the drop in ethanol prices in Brazil”, according to the FAO.
Alain Bouithy