World food prices rise for 7th month in a row in December

Must Read

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

Here is a list of all Microfinance Banks’ USSD Codes in Nigeria.

A Microfinance bank is a type of bank that offers small loans, or microloans, to individuals, entrepreneurs and small...
- Advertisement -

FAO Food Price Index reached a three-year high overall of 2020

World food prices rose for the seventh consecutive month in December, led by dairy products and vegetable oils, the Food and Agriculture Organization of the United Nations reported today.

The FAO Food Price Index averaged 107.5 points in December, 2.2 percent higher than in November. Over the whole of 2020, the benchmark index, which tracks monthly changes in the international prices of commonly-traded food commodities, averaged 97.9 points, a three-year high and a 3.1 percent increase from 2019 although still more than 25 percent below its historical 2011 peak.

World food prices rise for 7th month in a row in December

The FAO Cereal Price Index rose 1.1 percent from November and for all of 2020 averaged 6.6 percent above the level of 2019. Export prices for wheat, maize, sorghum and rice all rose in December, moving higher in part due to concerns over growing conditions and crop prospects in North and South America as well as the Russian Federation.

On an annual basis, rice export prices were 8.6 percent higher in 2020 than in 2019, while those for maize and wheat were 7.6 percent and 5.6 percent higher, respectively.

- Advertisement -

The FAO Vegetable Oil Price Index gained 4.7 percent in December to reach its highest level since September 2012. In addition to ongoing supply tightness in major palm oil-producing countries, international trade was affected by a sharp hike in export duties in Indonesia. International prices for soy oil rose in part due to prolonged strikes in Argentina that impacted both crushing activity and port logistics. This sub-index averaged 19.1 percent higher in 2020 than the previous year.

Read Also:  August Inflation Projection: Food prices hike remains the major arrow-head of expected surge

The FAO Dairy Price Index increased 3.2 percent in December, its seventh consecutive monthly rise, with all categories higher due to strong global import demand induced by concerns over drier and warmer conditions on Oceania’s milk production as well as high internal demand in Western Europe. Over the course of 2020, however, the Dairy Price Index averaged 1.0 percent less than in 2019.

The FAO Meat Price Index increased 1.7 percent in the month of December, while its full-year average was 4.5 percent below that of 2019. Poultry meat quotations rebounded in the final month of the year, buoyed by increased import demand, especially from the Middle East, high internal sales in key producing countries and the adverse impact of avian influenza outbreaks in Europe. Pig meat prices fell slightly, influenced by the suspension of German exports to Asian markets as a result of African Swine Fever outbreaks.

The FAO Sugar Price Index declined by 0.6 percent in December after a marked increase during the previous month. For 2020 as a whole, the sub-index was 1.1 percent higher than in 2019, reflecting a large surge in imports by China and increased demand for refined sugar from Indonesia’s food and beverage industry even as upward pressure was curbed by improved production prospects in Brazil and India.

- Advertisement -
World food prices rise for 7th month in a row in December - Brand SpurWorld food prices rise for 7th month in a row in December - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

World food prices rise for 7th month in a row in December - Brand SpurWorld food prices rise for 7th month in a row in December - Brand Spur

Latest News

Deglobalization, Inequality and Digital Concentration Among Key Trends Shaping the Global Economy in 2021, Say Leading Chief Economists

Accelerating inequality, the market dominance of tech platforms and remote working likely to be the longest-lasting legacies of...

New Report on African media shows western sources dominate how the Africa story is told

One-third of all African stories in news outlets on the continent are sourced from foreign news services January 25, 2021 - One-third of all African...

Climate data presents a $2 billion opportunity in Africa alone. Here’s why

Satellite images can support industrial growth, environment protection, healthcare and education. Better access to climate data could help emerging economies recapture billions in...

President Xi Jinping’s Speech at Davos Agenda is Historic Opportunity for Collaboration

China calls for the world to work together to tackle global challenges, particularly COVID-19 and climate change Principles of multilateralism must be upheld...

Amazon wins as British viewers are desperate for more sport

12.9m SVoD subscriptions were taken out in the UK last year, and Amazon Prime Video secured 49.1% of new signups in Q4. Our Entertainment on Demand...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -World food prices rise for 7th month in a row in December - Brand SpurWorld food prices rise for 7th month in a row in December - Brand Spur