Food prices at record high - Vegetable oil pushed up costs, while cereals fell
The United Nations' world food price index rose in November to the highest level since April 2023, registering its biggest gain in 19 months. This change was mainly due to the increase in vegetable oil prices, according to the data.
The price index, compiled by the United Nations Food and Agriculture Organization (FAO) to track the most traded food commodities globally, rose to 127.5 points last month, from 126.9 points in October, reaching the highest level in 19 months and 5.7% from a year ago.
The vegetable oil index rose 7.5% from a month ago and 32% from last year, boosted by concerns about lower-than-expected palm oil production due to excess rainfall in Asia Southeast. Soybean prices rose as a result of increased global demand for imports, as did sunflower oil. Other food price indices fell.
Cereal prices fell 2.7% from October thanks to lower wheat and rice costs, while sugar fell 2.4% from October as India and Thailand started processing. Also, concerns about Brazil's crop outlook eased.
In a separate report, the Organization cut its forecast for global cereal production in 2024, from 2.848 billion metric tons to 2.841 billion, a decrease of 0.6% from last year, but still the second largest production of registered.
Meanwhile, global cereal use is set to rise by 0.6% to 2.859 billion tonnes in 2024/25, thanks to increased consumption.
As a result, the Organization expects the ratio of cereal stocks to use to fall to 30.1% at the end of the 2025 season, from 30.8% previously, but indicating "a comfortable level of global supply".
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