Palm oil pushes global food prices up in April: UNFAO

Pakistan Observer - - ECONOMY WATCH -

UNITED NA­TIONS —lobal prices of key sta­ple food com­modi­ties rose in April, mark­ing a third con­sec­u­tive monthly in­crease af­ter four years of de­cline, the UN Food and Agri­cul­ture Or­ga­ni­za­tion (FAO) said Fri­day. The FAO Food Price In­dex av­er­aged 151.8 points in April, a 0.7 per cent in­crease from March. That is about 10 per cent be­low its level of a year ago and more than a third off its 2011 highs.

The grad­ual in­crease is far from even across the board, FAO said. April’s in­crease was driven by palm oil prices and, in a mi­nor key, ce­re­als, while su­gar prices ta­pered down af­ter a strong in­crease in March. The tradeweighted in­dex tracks in­ter­na­tional mar­ket prices for five key com­mod­ity groups: ma­jor ce­re­als, veg­etable oils, dairy, meat and su­gar. Its de­cline over the past year re­flects am­ple food sup­plies, a slow­ing global econ­omy and a stronger US dol­lar.—AFP

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