Global food prices fall for 8th consecutive month, says UN agency

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The United Nations Food and Agriculture Organization (FAO) Food Price Index remained virtually unchanged in November, averaging 135.7 points from 135.9 points in October, down 0.2 points (0. .15%) compared to the previous month.

It is the eighth consecutive month that the index registers low. The indicator still remained marginally above (0.3%) its value in the corresponding month in 2021.

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According to the FAO, falls were observed in the prices of cereals, dairy products and meat, which almost offset the increases in vegetable oils and sugar.

The cereal price sub-index averaged 150.4 points last month, down 1.9 points (1.3%) from October and 9 points (6.3%) above its November 2021 value. .

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According to the organization, wheat fell 2.8%, pressured by the renewal of the agreement on the export corridor of grains from Ukraine through the Black Sea and a decrease in demand for the cereal from the United States.

Corn prices retreated 1.7%. Global barley prices increased by 2.5%, while sorghum decreased by 1.2%.

The FAO monthly survey showed that the Vegetable Oils price sub-index averaged 154.7 points in November, a monthly increase of 3.4 points (2.3%), after falling for seven consecutive months.

“The increase was driven by higher international prices for palm oil and soybeans, more than offsetting lower prices for rapeseed and sunflower oil”, justified the organization.

In FAO’s monthly survey, the sub-index of meat prices fell in November.

According to the FAO, meat prices averaged 117.1 points last month, down 1.1 points (0.9% down from October), marking the fifth monthly decline after a record high in June 2022, but remaining 4.6 points (4.1%) above the same period in the previous year.

According to the entity, beef prices fell for the fifth consecutive month, while pork and poultry meat showed recovery.

The dairy product price sub-index, in turn, recorded an average of 137.5 points in November, down 1.7 points (1.2%) compared to the previous month.

Despite this being its fifth consecutive low, the average, however, is 11.6 points (9.2%) above its value in the corresponding month of last year.

According to the FAO, in November, international prices for skimmed and whole milk powder and butter fell, while cheese prices experienced a sustained increase due to stable import demand and less dynamic export availability in the main producing countries in Western Europe .

The FAO also calculated that the sugar price sub-index was, on average, 114.3 points in November, an increase of 5.7 points (5.2%) compared to the previous month, marking the first increase after six months. consecutive decline.

According to the FAO, the recovery in November was mainly due to strong buying amid global sugar supply shortages related to harvest delays in major producing countries and India’s announcement of a lower sugar export quota. The organization also cited higher ethanol prices in Brazil.

Source: CNN Brasil

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