FAO's food price index the highest in nearly seven years
Sugar
Published Feb 18, 2021
Tridge summary
The Food Price Index (FFPI) Food and Agriculture Organization of the United Nations (FAO) averaged 113.3 points in January 2021 - 4.3% higher than in December 2020. This makes it the eighth consecutive month with an increase. It is also the highest monthly average since July 2014. The latest increase reflected strong gains in the sugar, cereals, and vegetable oils sub-indices, while meat and dairy values were also up, albeit to a lesser extent.
Original content
The FAO Cereal Price Index averaged 124.2 points in January, marking a sharp increase of 7.1% from December and the seventh consecutive monthly rise. International maize prices increased significantly, surging by 11.2% in January - up by 42.3% above the January 2020 level. This reflects an increasingly tight global maize supply with lower than expected production and stock estimates in the United States (US) and substantial purchases by China. Among other coarse grains, barley prices also increased in January by 6.9%, supported by firmer demand and price rises for maize, wheat, and soybeans, while sorghum prices remained stable. Wheat prices also registered strong increases in January, up by 6.8%, influenced by the strength in maize prices as well as strong global demand and expectations of reduced sales by the Russian Federation from March 2021, when the wheat export duty will double. As for rice, robust demand from Asian and African buyers, combined with tight supplies in ...
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