World food prices rose to the highest level in 11 years
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Price indices for vegetable oils, dairy products, cereals, meat and sugar rose.
Global food prices rose by 1.1% in January 2022 compared to December 2021 – the FAO Food Price Index stood at 135.7 points, the highest since April 2011. About it informs Food and Agriculture Organization of the United Nations (FAO) on Thursday, February 3.
In January, the average FAO Vegetable Oil Price Index rose the most, after a slight decline in December, it added 4.2% to a new record high. The growth affected quotes of all major types of vegetable oils, which was facilitated by an increase in crude oil prices. Sunflower oil quotes rose both as a result of reduced supply and strong import demand on international markets.
At the same time, the average value of the Dairy Price Index increased by 2.4%, and thus, the growth of this index continues for the fifth month in a row. The average FAO Cereal Price Index increased marginally in January and was only 0.1% higher than in December. Over the past month, export prices for corn jumped by 3.8%, while wheat prices fell by 3.1%.
At the same time, the FAO Meat Price Index averaged slightly higher in January as beef prices peaked as international import demand outstripped export supply. At the same time, prices for mutton and poultry meat slightly decreased due to the fact that the export offer turned out to be higher than the import demand. Pork prices rose slightly.
Finally, the average FAO Sugar Price Index declined by 3.1% in January, the only sub-index to show such a decline.
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Recall that in Ukraine a record increase in industrial prices in 25 years. In 2020, industrial producer prices increased by 14.5%, and in the past – by 62.2% at once.
From gas to corn. Impact of the Ukraine-RF conflict
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