BUSINESS NEWS

Prices of Food Rise Globally in August, for 3rd Consecutive Month- United Nations

According to data released by the Food and Agriculture Organisation(FAO) arm of the United Nations, global food prices have risen for the third consecutive month in August, influenced by generally firmer demand and a weaker U.S dollar.

According to the published report of the Food Price Index, which tracks international prices of the most commonly traded food commodities,
average prices were 96.1 points in August, up 2.0 per cent from the previous month and reaching its highest level since February.

“Sorghum prices rose 8.6 per cent and stood at 33.4 per cent above their year ago level, mostly on the back of strong import demand by China.”

“Maize prices rose 2.2 per cent amid concerns that recent crop damages in lower would impact supply,” It said

The report also said that the FAO Cereal Price Index rose by 1.9 per cent from July, averaging 7.0 per cent above its value in August 2019 with coarse grains leading the rise.

“The moves mainly reflect prospective production slowdowns in leading palm oil producing countries amid firm global import demand, ” it said.

The FAO Dairy Price Index was virtually unchanged from July, with cheese and whole milk powder quotations declining amid expectations of ample seasonal export availabilities in Oceania,

“Butter prices rose due to tightening export availabilities in Europe in the wake of the August heat wave reducing milk output,” it said.

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