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Global food prices dip in December : FAO.
Jan 11, 2022

World food prices fell slightly in December as international prices for vegetable oils and sugar fell significantly from lofty levels, the Food and Agriculture Organization of the United Nations reported.
 
FAO Food Price Index averaged 133.7 points in December, a 0.9 per cent decline from November but still up 23.1 per cent from December 2020. The index tracks monthly changes in the international prices of commonly-traded food commodities. Only the dairy sub-index posted a monthly rise in December.
 
For 2021 as a whole, averaging across the entire year, FAO Food Price Index averaged 125.7 points, as much as 28.1 per cent above the previous year.
 
Abdolreza Abbassian, senior economist, FAO, said, 'While normally high prices are expected to give way to increased production, the high cost of inputs, ongoing global pandemic and ever more uncertain climatic conditions leave little room for optimism about a return to more stable market conditions even in 2022.'
 
FAO Cereal Price Index decreased 0.6 per cent from November, as falling wheat export quotations amid improved supplies following southern hemisphere harvests more than offset firmer maize prices underpinned by strong demand and concerns over persistent dryness in Brazil. For the full year, however, FAO Cereal Price Index reached its highest annual level since 2012 and averaged 27.2 per cent higher than in 2020, with maize up 44.1 per cent, wheat up 31.3 per cent, but rice down by 4.0 per cent.
 
FAO Vegetable Oil Price Index declined 3.3 per cent in December, with weaker quotations for palm oil and sunflower oil reflecting subdued global import demand that may be linked to concerns over the impact of rising Covid-19 cases. For 2021 as a whole, FAO Vegetable Oil Price Index reached an all-time high, increasing 65.8 per cent from 2020.
 
FAO Sugar Price Index decreased by 3.1 per cent from November, reaching a five-month low, reflecting concerns over the possible impact of the Omicron Covid-19 variant on global demand as well as a weaker Brazilian Real and lower ethanol prices. For 2021 as a whole, the FAO Sugar Price Index rose 29.8 per cent from the previous year to its highest level since 2016.
 
FAO Meat Price Index was broadly stable in December but over 2021 as a whole, the FAO Meat Price Index was 12.7 per cent higher than in 2020.
 
FAO Dairy Price Index was the only sub-index to increase in December, rising 1.8 per cent from the previous month, as international quotations for butter and milk powders increased amid lower milk production in Western Europe and Oceania. Cheese prices declined marginally, reflecting a preference for Western Europe dairy producers. In 2021, FAO Dairy Price Index averaged 16.9 per cent higher than in 2020.
    
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