Oct. 4, 2012, 7:40 a.m. EDT
LONDON (MarketWatch) — World food prices increased by 1.4% in September, the United Nations’ food body said Thursday, rising slightly after two months of stability mostly due to strengthening dairy and meat prices.
The Food and Agriculture Organization’s food price index, which measures the monthly change in international prices of a basket of food commodities, rose by three points in September to a new level of 216 points.
It currently stands 9.2% below its peak of 238 points in February 2011 and 4% below its level of 225 points in the same month last year.
All five dairy products monitored saw prices rise, the FAO said, particularly skim milk powder and casein, which both surged by 12%. Its dairy price index averaged rose 7% from August, representing the sharpest monthly increase since January 2011. Demand for milk products remains firm which, combined with increasing feed costs, is underpinning world quotations.
The grain-intensive pig and poultry sectors recorded particularly strong price gains, the FAO said, increasing by 6% and 2% respectively. Its meat price index averaged rose 2.1% from August. Bovine prices made little headway while sheep meat values were stable.
Gains in wheat and rice prices offset a decline for corn, as the FAO cereal price index rose 1% from August. Shrinking corn export availabilities and high prices have been leading cereal markets in recent months, the FAO added, but wheat prices fell towards the second half of September after Russia announced it wouldn’t impose restrictions on exports.
Prices of sugar and oils, on the other hand, fell.
World food prices rose 1.4% in Sept
By Michael HaddonThe Food and Agriculture Organization’s food price index, which measures the monthly change in international prices of a basket of food commodities, rose by three points in September to a new level of 216 points.
It currently stands 9.2% below its peak of 238 points in February 2011 and 4% below its level of 225 points in the same month last year.
All five dairy products monitored saw prices rise, the FAO said, particularly skim milk powder and casein, which both surged by 12%. Its dairy price index averaged rose 7% from August, representing the sharpest monthly increase since January 2011. Demand for milk products remains firm which, combined with increasing feed costs, is underpinning world quotations.
The grain-intensive pig and poultry sectors recorded particularly strong price gains, the FAO said, increasing by 6% and 2% respectively. Its meat price index averaged rose 2.1% from August. Bovine prices made little headway while sheep meat values were stable.
Gains in wheat and rice prices offset a decline for corn, as the FAO cereal price index rose 1% from August. Shrinking corn export availabilities and high prices have been leading cereal markets in recent months, the FAO added, but wheat prices fell towards the second half of September after Russia announced it wouldn’t impose restrictions on exports.
Prices of sugar and oils, on the other hand, fell.
No comments:
Post a Comment