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World food prices stable in June: FAO

World food prices stable in June: FAO

International Desk

Global food prices remained stable in June, the United Nations Food and Agriculture Organization (FAO) reported on Friday. The FAO also forecasted that global cereal output would reach an all-time high in 2024.

The broad FAO Food Price Index averaged 120.6 points last month, virtually unchanged from May. This marks the fourth consecutive month without a decline, following a steady decrease over nearly two years.

Compared to June 2023, however, the index was 2.1 percent lower. It also remained significantly lower, at 24.8 percent below its all-time high in March 2022, which occurred amid global price spikes following the onset of the conflict between Russia and Ukraine.

The prices of grains and cereals, the largest component in the index, fell by 3 percent compared to May, due to robust wheat harvests and favorable growing conditions in the Northern Hemisphere, according to the FAO. During the same period, rice and corn prices edged lower due to decreased demand.

Prices for vegetable oils increased by 3.1 percent compared to May due to higher demand for palm oil. Increased demand from the biofuel sector also contributed to pressure on soy and sunflower oil prices.

Dairy prices rose in June, up 1.2 percent compared to May and 6.6 percent higher than their level from a year earlier. Butter prices reached their highest level in two years due to growing global demand. However, production declines in Western Europe and low inventories in Oceania contributed to the upward pressure on prices.

Sugar prices rose by 1.9 percent from the previous month, rebounding after three consecutive months of declines. The increase is primarily driven by concerns over the harvest in Brazil, the world's leading sugar producer.

The FAO revised its forecast for global cereal production in 2024 to a record high of 2,854 million tonnes, according to its "Cereal Supply and Demand Brief" released on Friday.

 

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