FAO meat price index jumped 2,2% in May

In May, the FAO Food Price Index experienced its fastest monthly increase in over a decade, reaching 127.1 points, a 4.8% surge from April and a 39.7% increase year-on-year. This acceleration was primarily driven by the Meat Price Index's eighth consecutive month of growth, with all meat types seeing price hikes, particularly in East Asian countries like China, owing to increased imports and a global supply shortage. Additionally, the price of vegetable oils, sugar, and cereals contributed to the index's rise, marking its highest value since September 2011. The Cereal Price Index also increased by 6.0% due to higher international maize prices, although these started to decline towards the end of May. The Vegetable Oil Price Index rose by 7.8% because of increased quotations for palm, soy, and rapeseed oil, and the Sugar Price Index increased by 6.8% due to harvest delays and reduced yields in Brazil. Finally, the Dairy Price Index rose by 1.8% due to strong import demand for skim and whole milk powders.