Monday, July 11, 2016

Global food prices up by 4.2 per cent

Global food prices increased in June by 4.2 per cent, the steepest increase in four years.

The Food and Agriculture Organization (FAO) of the United Nations calculates an index every month and says June prices were higher across all commodity categories except vegetable oils.

It’s the fifth month in a row that prices have risen, but at 163.4 points, they are still one per cent below year-earlier levels.

Meat prices increased by 2.4 percent since May; average prices were higher for pork, beef and poultry.

The FAO Cereal Price Index increased by 2.9 percent, mainly due to tightening spot-market corn supplies from Brazil. 

Ample wheat supplies and reports of record yields in the United States held down wheat prices.