FAO: Global Food Price Index rises sharply

Published 2020년 12월 3일

Tridge summary

Global food commodity prices have surged to their highest level in nearly six years, according to the United Nations' FAO Food Price Index. The index, which tracks the international prices of the most globally traded food commodities, saw a 3.9% monthly increase in November and a 6.5% year-on-year increase, driven by higher prices for vegetable oil, cereals, sugar, dairy, and meat. The FAO has also reduced its forecast for global cereal production in 2020 to a record high of 2,742 million tonnes. The COVID-19 pandemic and the La Niña weather phenomenon have contributed to food insecurity, with 45 countries requiring external assistance for food. Despite these challenges, cereal production by Low-Income Food-Deficit Countries is expected to grow to 496.3 million tonnes this year, although import requirements are projected to rise to 73.9 million tonnes due to increased needs in Sub-Saharan African countries.

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Original content

3 December 2020, Rome - Global food commodity prices rose sharply in November to their highest level in nearly six years, according to a benchmark United Nations report released today. The FAO Food Price Index averaged 105.0 points during the month, up 3.9 percent from October and 6.5 percent higher than its value a year earlier. The monthly increase was the sharpest since July 2012, putting the index at its highest level since December 2014, the Food and Agriculture Organization said. The FAO Food Price Index tracks changes in the international prices of the most globally traded food commodities. All of its sub-indices rose in November. The FAO Vegetable Oil Price Index gained a stunning 14.5 percent in the month, led by an ongoing rally in palm oil prices linked to sharp contractions in world inventory levels. The FAO Cereal Price Index rose 2.5 percent from October and averaged 19.9 percent higher than in November 2019. Wheat export prices rose, linked to reduced harvest ...

Source: Fao