Global Food Price Index Rises for 6 Consecutive Months... Up 3.9% Compared to Previous Month

[Sejong=Asia Economy Reporter Kim Hyunjung] The global food price index has risen for six consecutive months. According to the Ministry of Agriculture, Food and Rural Affairs and the United Nations Food and Agriculture Organization (FAO) on the 7th, last month's global food price index recorded 105.0 points, up 3.9% from the previous month. Since 1990, the FAO has been monitoring international price trends for 24 items and publishes monthly price indices for five commodity groups.

All five commodity groups?grains, meat, dairy products, oils and fats, and sugar?rose. Among grains, wheat and corn recorded 114.4 points, up 2.5% from the previous month, while rice showed a stable trend due to low demand and sufficient production. Oils and fats rose 14.5% from the previous month to 121.9 points.

Palm oil has risen for six consecutive months due to lower production in major producing countries compared to before and high global import demand. Soybean oil prices increased due to rising import demand, and canola oil and sunflower oil prices rose due to supply shortages. Sugar recorded 87.5 points, up 3.3% from the previous month, as production is expected to decrease due to unfavorable weather conditions.

Dairy products rose 0.9% to 105.3 points, supported by price increases in butter and cheese amid growing demand, while meat rose 0.9% to 91.9 points. Beef and lamb prices increased due to reduced supply in the Oceania region and high demand from China. Pork prices stopped declining and rebounded as African swine fever outbreaks in Germany and Poland led to export bans to Asia, while demand from China remained high. Poultry prices fell due to increased export volumes from major producing countries and decreased global import demand.

World grain production for 2020?2021 is projected to reach 2.7417 billion tons, a 1.3% increase compared to 2019?2020. During the same period, global grain consumption is expected to rise 2.0% to 2.7444 billion tons, while global grain ending stocks are estimated to decrease by 0.7% to 866.4 million tons. A Ministry of Agriculture, Food and Rural Affairs official stated, "We are continuously monitoring the international agricultural product supply and demand situation, and if any issues arise in international agricultural product prices and supply and demand, we plan to closely share information with related agencies and respond accordingly."

This content was produced with the assistance of AI translation services.