Anjali Sharma
GG News Bureau
UNITED NATIONS, 3rd August. Food and Agriculture Organization said on Friday that the global food commodity benchmarks remained largely unchanged in July, with rises in vegetable oils, meat and sugar offsetting deceases in cereals,.
UN agency’s Food Price Index averaged 120.8 points in July, marginally below its revised 121.0 figure for June. This marked the second month in a row of steady prices.
The figure was 3.1 per cent lower than the corresponding values last July, FAO stated.
The Food Price Index tracks monthly changes in the international prices of a set of globally traded food commodities.
The agency Cereal Price Index dropped by 3.8 per cent from June as global export prices for major cereals fell for the second month in a row.
Wheat prices decreased due to increased availability from winter harvests and favorable conditions in Canada and the United States. Maize prices also fell with progressing harvests in Argentina and Brazil and strong crop conditions in the US.
FAO stated the Vegetable Oil Price Index rose 2.4 per cent, driven by high demand for soy oil in the biofuel sector and poor crop prospects for sunflower and rapeseed oils.
It noted the Meat Price Index increased by 1.2 per cent due to strong import demand for various meats, despite a slight decline in pig meat prices.
The Sugar Price Index saw an increase of 0.7 per cent, influenced by lower-than-expected production in Brazil, FAO concluded.
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