World food prices fall with dairy to vegetable oil costs lower
An index of 55 food items dropped 1.6% to 209.3 points from 212.8 points in March
London: World food costs fell for the first time in three months in April as dairy, sugar and vegetable oil costs declined, the Food & Agriculture Organization said.
An index of 55 food items dropped 1.6% to 209.3 points from 212.8 points in March, the Rome-based FAO wrote in an online report on Thursday. Prices are down 3.5% from a year earlier. An index of dairy costs fell 6.3% on increased production in New Zealand and improving prospects for output in the Northern Hemisphere, the United Nations agency said.
The dairy market seems to be tempering on prospects of better supplies coming in, Abdolreza Abbassian, a senior economist at the FAO, said in a telephone interview on Wednesday. Production is rising, which I think is the market’s response to the higher prices that we had seen earlier in the year.
An FAO index of grain prices rose 0.5% in April, according to Thursday’s report. Its index of meat prices increased 0.4% and sugar costs fell 1.6%, the agency said. The vegetable oil index dropped 2.8%, led by palm oil. BLOOMBERG
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!