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FAO: food prices are still racing, + 1.7% in April

2021-05-07T11:56:11.979Z

(HANDLE) The race in food prices also continued in April, which grew by 1.7% compared to March, driven by sugar and cereals. The FAO Index has calculated that this is the eleventh month, with 30.8% more than the level recorded in the same month last year. It is the highest value since 2014, with 12% more than the all-time record value of February 2011. Going into detail, the prices of vegetable oils gained



The race in food prices also continued in April, which grew by 1.7% compared to March, driven by sugar and cereals.

The FAO Index has calculated that this is the eleventh month, with 30.8% more than the level recorded in the same month last year.

It is the highest value since 2014, with 12% more than the all-time record value of February 2011. Going into detail, the prices of vegetable oils gained 1.8% and meat 1, 7%.

After a brief decline in March, cereals start to rise again (+ 1.2%), settling at a value of 26% more than in April 2020. Corn prices are also growing (+ 5.7%) , which is 66.7% higher than a year ago. The prices of dairy products also rose with + 1.2%, following the increase in the prices of butter, cheese and skimmed milk powder, supported by solid import demand from Asian countries.



As for the updated forecasts on the supply and demand of cereals, the FAO estimates a consumption in 2021 of 2 767 million tons, up by 2.1% compared to last year.



Conversely, a downward adjustment of 2.3% for cereal stocks by the end of 2021, which brings the world ratio between reserves and use down to 28.3%, the lowest value in the last seven years. World trade is expected to affect 467 million tonnes in 2020/2021, up 5.9% on an annual basis. Finally, the FAO published the first forecast relating to the demand and supply of wheat in the 2021/22 season equal to 778.8 million tons, an increase of 0.5% compared to the expectations of 2020 and this thanks to the prospect of an increase annual of 6% of the production of the European Union. (HANDLE).


Source: ansa

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