Global Food Prices Lower in Novem­ber

Iran News - - INTERNATIONAL -

ANKARA (Dis­patches) - Global food prices in Novem­ber slipped to their low­est level since May last year, ac­cord­ing to the UN Food and Agri­cul­ture Or­ga­ni­za­tion (FAO) on Thurs­day.

The food price in­dex av­er­aged 160.8 points in last month, down 2.1 per­cent­age points or 1.3 per­cent from Oc­to­ber, the FAO said in a state­ment.

The FAO Food Price In­dex is a trade-weighted in­dex that tracks monthly changes in in­ter­na­tional mar­ket prices of five ma­jor food com­mod­ity groups.

The de­crease in Novem­ber was stemmed from marked drops for palm oil and other veg­etable oils, the state­ment noted.

FAO said the veg­etable oil price in­dex hit a 12-year low, down 5.7 per­cent month-on-month in Novem­ber.

“Large palm oil in­ven­to­ries and abun­dant sup­plies of soy and sun­flower oils fu­eled the de­cline,” the state­ment read.

The dairy price in­dex dropped for the six con­sec­u­tive months, fall­ing 3.3 per­cent or 6 points in Novem­ber as large stocks and in­creased the avail­abil­ity of ex­port sup­plies - es­pe­cially from New Zealand - led to lower price quo­ta­tions for but­ter, cheese and whole milk pow­der.

The ce­real price in­dex de­clined 1.1 per­cent on a monthly ba­sis in Novem­ber, re­flect­ing large ex­port sup­plies of wheat, in­ten­si­fied ex­port com­pe­ti­tion for maize and new crop ar­rivals of rice.

The FAO Meat Price In­dex, av­er­ag­ing at 160 points, was marginally lower com­pared to the pre­vi­ous month.

“In Novem­ber, in­ter­na­tional price quo­ta­tions for poul­try, pig and ovine meat con­tin­ued to ease, with ovine meat fall­ing the most, while those of bovine meat marginally re­cov­ered,” it said.

How­ever, the su­gar price in­dex de­fied the down­ward trend and rose 4.4 per­cent in the month. This in­crease was mainly driven by a sig­nif­i­cant pro­duc­tion de­crease ex­pected in Brazil.

The UN body is set to re­lease the next global food prices data on Jan­uary 10, 2019.

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