FAO Food Price Index
The FAO Food Price Index is a measure of the monthly change in international prices of a basket of food commodities. It consists of the average of five commodity group price indices, weighted with the average export shares of each of the groups for 2002-2004. For more detailed information (in all languages) please see the special feature article of the November 2013 issue of the Food Outlook. An expanded version of the article, which contains more technical background is available in English only.Monthly release dates for 2018: 11 January, 1 February, 1 March, 5 April, 3 May, 7 June, 5 July, 2 August, 6 September, 4 October, 1 November, 6 December.
The FAO Food Price Index up slightly in February
» The FAO Food Price Index* (FFPI) averaged 170.8 points in February 2018, 1.1 percent (1.8 points) higher than in January but 2.7 percent below its value in the corresponding period last year. Higher international prices of dairy and cereals contributed to the month-on-month increase in the value of the FFPI, whereas the prices of sugar and vegetable oils fell while those for meat remained steady.» The FAO Cereal Price Index averaged 160.8 points in February, up 2.5 percent (4 points) from January and 6.8 percent from February 2017. The increase in February marked the second consecutive month of notably strong month-on-month rise in the value of the Index after a relatively stable period from August to December of last year. Grain prices were generally firmer in February, underpinned by a brisk trade activity and concerns over unfavourable weather adversely affecting the US winter wheat and Argentina’s maize growing regions. International rice prices strengthened as well, although gains were capped by subsiding global demand for Indica supplies.
» The FAO Vegetable Oil Price Index averaged 158 points in February, down 3.1 percent (5.1 points) from January, marking a 19-month low. Prices of most vegetable oils weakened amid prospects of a growing global production surplus in 2017/18. Palm oil price quotations dropped the most, underpinned by slower-than-expected export activities and rising inventories in Malaysia and Indonesia. In the meantime, the outlook of record soy crushings in the US weighed on international soybean quotations, while sluggish demand (primarily from the biodiesel sector) pressured rapeseed prices.
» The FAO Dairy Price Index averaged 191.1 points in February, up 11.2 points (6.2 percent) from January but still slightly below the corresponding period last year. International price quotations across all four categories of milk products that constitute the index rose, supported by strong import demand amidst lower than expected milk output in New Zealand. Butter price quotations increased by nearly 6 percent after declining for four consecutive months since reaching its recent peak in September 2017. Price quotations for Cheese and Whole Milk Powder (WMP) also rose, underpinned by strong demand in Europe and Asia, while firm global demand pushed up Skim Milk Powder (SMP) values.
» The FAO Meat Price Index averaged 169 points in February, unchanged from its slightly revised value for January 2018 and almost 5 percent higher than at the same point last year. ....
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