World food prices fell by 10.7% in November this year compared to the same month last year, unchanged from the revised October level. Their index stood at 120.4 points, according to the FAO (UN Food and Agriculture Organization) report.
The grain price index was 3% below October’s level and 19.4% below last year’s record high. World prices for coarse grains fell most significantly over the month – by 5.6%, primarily due to a sharp drop in global corn prices.
The vegetable oil price index increased 3.4% year-on-year in October after three months of continuous decline. This was due to the increase in world prices for palm and sunflower oils, which more than compensated for the decrease in quotations of soybean and rapeseed oils. Dynamics of price changes in annual terms is not given.
The price index for dairy products in November increased by 2.2% as compared with October. The growth continues for the second month in a row. But in annualized terms, prices fell 16.9%. “In November, there was an increase in global quotations of butter and skim milk powder, which was due to high import demand from Northeast Asian countries, limited stocks and increased domestic demand ahead of winter holidays in Western Europe,” the document explained.
The meat price index was 0.4% lower last month compared to October and 2.4% lower compared to November last year. These figures reflect a slight decrease in prices for poultry, pork and beef.
The sugar price index in November was up 1.4% from October and up 41.1% on a year-over-year basis. “The increase in sugar prices recorded in November was mainly due to growing concerns about a reduction in global export supply this season amid deteriorating crop outlooks in Thailand and India, which are major exporters,” the report said.
The FAO Food Price Index is a weighted average that tracks international price movements for five major food commodity groups.
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