The benchmark index of international prices of food raw materials decreased for the twelfth consecutive month in Marchwith a 2.1% less than in February and 20.5% less than in March 2022, mainly due to the fall in world prices for cereals and vegetable oils, the Food and Agriculture Organization of the United Nations (FAO) reported today. .
The food price index of the FAO reached an average of 126.9 pointsa 2.1% less than the previous month and “supplies, moderate import demand and the extension of the Black Sea Grain Agreement Initiative contributed to the fall,” the UN agency explained.
The FAO Cereal Price Index declined by 5.6% compared to February and international wheat prices fell by 7.1%pushed down by strong production in Australia, better growing conditions in the European Unionhigh supplies of the Russian Federation and ongoing exports of Ukraine from their seaports.
World maize prices fell by 4.6%due in part to expectations of a record harvest in Brazil, while prices for rice fell by 3.2% amid ongoing or imminent harvests in major exporting countries, including India, Vietnam and Thailand.
“Although prices fell globally, remain very high and continue to rise in domestic markets, which poses additional challenges for food security. This is especially the case in developing countries that are net food importers, whose situation is aggravated by the depreciation of their currencies against the US dollar or the euro and the growing debt burden,” he stressed. maximum bullfighterFAO Chief Economist.
The FAO Dairy Price Index declined by 0.8% in March and by contrast, the FAO Sugar Price Index increased by 1.5% from February to its highest level since October 2016, reflecting concerns about declining production prospects in India, Thailand and China.
The FAO Meat Price Index increased slightly, a 0.5 percent in March. The international quotations for bovine meat increased, influenced by the increase in domestic prices in the United States of America given the expectations of a lower supply in the future, while the prices of pork increased due to a greater demand in Europe.
(With information from EFE)
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Source-www.infobae.com