High electricity prices held back the fall in oil prices expected in the autumn. This was commented by Vladimir Ivanov, Chairman of the State Commission on Commodity Exchanges and Markets, in front of the Telegraph.
The forecasts were that its price would start falling from BGN 3.10-3.20, as it currently costs, and reach about BGN 2 per liter after the new sunflower harvest comes out. However, due to rising electricity prices, this reduction is being postponed.
Ivanov also commented that at the moment only the competition in our country keeps food prices from rising due to the rise in electricity prices.
There is an increase in sausages and yellow cheese, but it is within 10 percent due to higher energy costs of enterprises.
Meanwhile, it has become clear that world food prices have reached a 10-year high due to rising prices for cereals and vegetable oils. This was announced by the Food and Agriculture Organization of the United Nations (FAO – FAO), quoted by Reuters.
From there, they predicted a record production of cereals in the world in 2021, but consumption is expected to be lower.
The FAO index, which measures monthly changes in the prices of a basket of cereals, oilseeds, dairy products, meat and sugar, last month averaged 130 points, the highest since September 2011.
On an annual basis, prices rose 32.8 percent in September, according to the FAO.
The FAO cereals index rose 2 percent in September from the previous month. This is mainly due to the increase of nearly 4 percent in wheat prices, which the FAO explains by the tightening of export stocks amid strong demand.
The vegetable oil index rose 1.7 percent on a monthly basis and rose about 60 percent year-on-year as palm oil prices jumped due to strong demand and fears of labor shortages in Malaysia.
The sugar price index rose 0.5 percent in September amid fears of a poor harvest in the leading exporter, Brazil, which was partially offset by a slowdown in import demand and favorable harvest prospects in India and Thailand, according to the FAO.
The United Nations predicts a record harvest of 2.8 trillion tons of cereals in 2021, a slight increase from the expected 2.788 billion tons a month ago. This will be less than the world consumption of cereals, which is 2.811 billion tons.
This forecast was increased by 2.7 million tonnes compared to the previous month and mainly reflects the increased use of wheat for animal feed.
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