Palm oil pushes global food prices up in April: UNFAO
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