Food Price Index Drops at Lowest Value since 2009August 12, 2015
The Food and Agriculture Organization of the United Nations (FAO) reported that prices for major food commodities have hit the lowest level in July 2015, which was last observed in September 2009, about 6 years ago. The significant decrease in prices was observed in dairy products and vegetable oils.
FAO tracks prices on international markets for five major food commodity groups, including cereals, meat, dairy products, vegetable oils, and sugar. The dairy products price index dropped by 7.4% in July from the previous month, which is due to lower import demand from China, the Middle East, and North Africa. For the vegetable oils, a 5.5% drop from the June price index was recorded, obtaining the lowest value since July 2009. This is due to the decrease in international palm oil prices caused by some factors, including increased production in Southeast Asia, slower exports, particularly from Malaysia, decrease in soy oil prices due to increase in supplies for export in South America.
On the other hand, sugar and cereal price indices increased, and meat prices remained stable.
Read more details from FAO.
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