The FAO food price index has risen 1.2% since October, breaking a new high of more than 10 years. The indicator, which follows the monthly change in the prices of the most important food raw materials in international trade, was 27.3% higher than a year ago. The FAO dairy price index led the November rise in prices by 3.4%. Import demand for butter and milk powder remains strong as major buyers seek to secure themselves in anticipation of a shrinking market. The cereals price index rose 3.1%, outperforming a year earlier. Within this, maize exports grew moderately, while rice remained stable, but grain reached its highest level since spring 2011. The increase reflected strong demand and tight supply, especially for high-quality wheat, as well as concerns about unwanted Australian rains and possible changes in export regulations in Russia. Sugar prices rose 1.4% in November, bringing the figure to 40% annual growth. The main reason for the rise in prices is high ethanol prices, ...
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