Published 03 Feb.2024 14:15(KST)
Global food prices have been declining for six consecutive months.
The Ministry of Agriculture, Food and Rural Affairs announced on the 3rd that the Food and Agriculture Organization (FAO) of the United Nations reported the global food price index for last month at 118.0, down 1.0% from the previous month.
The global food price index has been on a downward trend for half a year, falling from 124.6 in July last year to 118.0 last month.
By category, the cereal price index was 120.1, down 2.2% from the previous month. The start of wheat supply harvested in the Southern Hemisphere was the cause of the wheat price decline.
Improved crop conditions in Argentina and increased supply of U.S. corn also led to a decrease in corn prices. However, rice prices rose due to increased imports by Indonesia.
The meat price index was 109.8, down 1.4% from the previous month. Pork prices fell due to increased pork production in China, and beef prices also declined due to increased exports from Oceania and South America.
On the other hand, the sugar price index rose 0.8% from the previous month to 135.3. Poor production forecasts in Thailand and India influenced this increase. Sugar prices surged significantly last year, reaching 162.7 in September, then fell to 134.2 last year, and rose again last month.
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