Source: Bizcommunity, 8 October 2020
According to a report from the Food and Agriculture Organization of the United Nations (FAO), the benchmark price index for food commodities rose in September, led by vegetable oils and cereals. The index averaged 97.9 points during the month, up 2.1% from August and 5.0% higher than its value in September 2019.
The cereal price index rose 5.1% from August and is now 13.6% higher than a year ago. Higher wheat price quotations led the increase, spurred by brisk trade activity amid concerns over production prospects in the southern hemisphere as well as dry conditions affecting winter wheat sowings around Europe. Maize prices also rose, responding to lower production prospects in the European Union and a downward revision of carryover supplies in the United States of America. International sorghum and barley prices rose as well, while those of rice subsided.
The Food Price Index, released monthly, tracks the international prices of the most commonly-traded food commodities.
The vegetable price index rose 6.0% in September, hitting an eight-month high as quotations for palm, sunflower seed and soy oils all rose in step with firm global demand.
The meat price index declined 0.9% from August, partly influenced by China’s decision to ban imports of pig meat from Germany after African swine fever (ASF) was detected among wild boars.