The FAO food price index averaged 94.2 points in July 2020, up 1.1 points (1.2 percent) from June. With this, food prices have risen for the second month in a row. As a result, it was almost one point (one percent) higher than the price level in July last year. As in June, prices of vegetable oils, dairy products and sugar were the upward forces, outpacing lower prices in meat markets. Meanwhile, the grain price index did not change.
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The FAO grain price index averaged 96.9 points in July, almost unchanged from June and 0.4 points (0.4 percent) higher than in the same month last year. Among the large cereals, the price of wheat hardly changed, while the price of bread and sorghum rose sharply and the price of rice fell. In wheat markets, despite concerns over the weaker US dollar, production prospects in the Black Sea region and Argentina, slow trade and early expectations of a strong recovery in Australian production have kept the July average at about the same level, writes the National Chamber of Agriculture ( NAK). photo: pixabay.com The FAO vegetable oil price index averaged 93.2 points in July, up 6.6 points (or 7.6 percent) since June, reaching a five-month high. The continued strength of the index primarily reflects more robust values for palm, soybean and rapeseed oils. International palm oil prices rose for the second consecutive month in July, largely driven by expected production declines in large ...
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