• UGI USER
  • Apr 06, 2024
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GLOBAL FOOD PRICES RISE IN MARCH AFTER A THREE-YEAR LOW.

Why in the news?

World food prices rebounded in March, driven by increases in vegetable oils, dairy, and meat, after a three-year low

source:worldagrotv

Understanding FAO Report:

  • Monthly Price Increases:
  • Vegetable Oil Index: Saw an 8% increase.
  • Dairy Index: Showed a rise.
  • Meat Index: Also experienced a boost.
  • Monthly Price Fall:
  • Milk: Dropped by 1.7%.
  • Cereal Index: Decreased.
  • Sugar: Also witnessed a decline.
  • FAO Price Index:
  • Registered at 117 points in February and rose to 118.3 points in March.
  • The February reading marked the lowest since February 2021, indicating a consistent decline.
  • International food prices have notably decreased from their record peak in March 2022 due to global events.
  • The latest reading by the FAO is 7.7% lower than the same period last year.
What is The Food Price Index (FPI):

●   The Food Price Index (FPI) is released by the Food and Agriculture Organization (FAO).

●   It measures monthly changes in international prices of a basket of food commodities.

●   The index comprises five commodity group price indices: cereals, oilseeds, dairy products, meat, and sugar.

●   Each commodity group index is weighted by the average export shares of the respective groups.

Source:

https://m.economictimes.com/news/international/world-news/world-food-prices-rise-for-first-time-in-7-months-fao/articleshow/109070792.cms#:~:text=Global%20food%20prices%20rose%20in,the%20first%20rise%20since%20July.