For the month of April 2024, the FAO meat Price index recorded the largest increase with an average value of 116.3 points, an increase of 1.9 points (1.6%) more compared to in March.
The FAO Food Price Index for April 2024 shows a slight rebound of 0.3% compared to its revised value for the previous month. This increase is explained by an increase in the prices of meat and vegetable oils as well as cereals.
The fall in the prices of sugar and dairy products did not have a big effect according to the report from the UN Food and Agriculture Organization. The index therefore stood at 119.1 points in April compared to 118.8 last March, and this is the second consecutive monthly rebound, indicates the FAO, After seven months of downward trend.
Its value is, however, lower by 9.6 points or 7.4% compared to that displayed last year for the same monthly period. The lowest level of the index, which is established on the basis of the prices of five products (meat, cereals, vegetable oils, sugar and dairy products), was recorded last February with 117.4 points.
For the month of April 2024, the FAO meat price index recorded the largest increase with an average value of 116.3 points, an increase of 1.9 points or 1.6% more compared to the March. “This is the third increase in a row in the index which stands at a level slightly lower (0.4%) than that of a year ago,” notes the FAO report.
The past month has seen international poultry meat prices rise, in response to stable import purchases in Middle Eastern countries amid ongoing production problems due to flu outbreaks. poultry, the same for beef prices which increased in response to an increase in demand from the main importers.
The seasonal tightening of supplies in Oceania has also pushed up sheep meat prices on the markets.
Regarding cereals, the FAO Index shows an average of 111.2 points in April, up 0.3% compared to March, but remains down 25 points or 18.3% compared to its value in April 2023. “After three consecutive months of decline, average global wheat export prices stabilized in April.
Upward pressure on prices, due to concerns about the impact of unfavorable growing conditions on 2024 harvests in parts of the European Union, the Russian Federation and the United States of America, has been offset by the tough competition that persists between the main exporting countries,” indicates the report.
Logistics disruption
Corn prices rose, driven by logistical disruptions due to damage to infrastructure in Ukraine, but also the darkening of production prospects in Brazil. The price of barley also showed an increase against a decline in the prices of sorghum and rice. As for vegetable oils, the FAO price index recorded an average value of 130.9 points, gaining 0.3% compared to March.
This is its strongest increase in 13 months. “This modest increase reflects the net effect of the appreciation in the prices of sunflower oil and rapeseed oil, which more than offset the slight decrease in the prices of palm oil and rapeseed oil. soy,” specifies the same report.
The rise in sunflower and rapeseed oil prices is due to strong import purchases around the world and fears related to unfavorable weather conditions. Furthermore, the dairy product price index stood at 123.7 points, down 0.3 points compared to March, after six consecutive months of increase, mainly reacting to a clear decline in prices skimmed milk powder.
World cheese prices also fell slightly thanks to the strengthening of the value of the US dollar, unlike butter prices which continued their upward trend as well as those of whole milk powder lifted by strong demand and the seasonal drop in production. in Oceania.
The FAO sugar price index stood at an average value of 127.5 points, up 4.4% compared to the previous month and down 14.7% compared to the month of ‘April 2023. “The decline in global sugar prices is mainly attributable to an improvement in the global supply outlook due mainly to higher than expected production in India and Thailand.” Just as the rise in crude oil and ethanol prices has contained the fall in global sugar prices, among other reasons.
