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Thursday, March 23, 2023

world food prices fall

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February closed with a inflation similar to that of January, around 6%, according to surveys carried out by different private consultants. In a usually “quiet” month, The rise in food prices pushed up the different indicators. And, analysts warn, a very high floor was left for March: something that, added to different seasonal factors, would add pressure to the CPI data.

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Although the figures vary according to each consultant, especially as a result of the composition of the surveyed baskets, in all cases it is perceived that the “food” division rose in February above the general level of inflation. The rise in meat, they agree, pushed up the item with the highest incidence within the Consumer Price Index.

What does the FAO say?

The FAO index, which tracks the evolution of international prices for a basket of basic products, fell 0.6% from its January level.

Although the index “has fallen somewhat in recent months, food price inflation is reaching prohibitive levels in many countries,” particularly in Africa, the FAO said.

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The general decline in the prices of vegetable oils by 3.2% and dairy products by 2.7% offset the sharp rise in world sugar prices in February, according to the organization.

The latter rose 6.9% to its “highest level in six years, mainly due to a downward revision of production forecasts for 2022/23 in India, and a decline in international crude oil and ethanol prices in Brazil”.

Cereal prices were “virtually unchanged” compared to January. The price of wheat increased slightly due to concerns about the drought in the United States, but “strong competition among exporting countries” limited the rise.

The FAO also published its forecasts for world wheat production in 2023. The UN agency expects a crop of about 784 million tons, which would be the second largest ever recorded, thanks in particular to US farmers who have expanded their acreage. , encouraged by the rise in cereal prices.

Source: Ambito

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