Friday, 04 June 2021 10:15

Global food prices rise at rapid pace in May

Written by  Staff Reporters
The FAO Cereal Price Index rose 6%, led by international maize prices. The FAO Cereal Price Index rose 6%, led by international maize prices.

Global food prices rose at their fastest monthly rate in more than a decade in May, the Food and Agriculture Organization of the United Nations (FAO) has reported.

The FAO Food Price Index averaged 127.1 points in May, 4.8% higher than in April and 39.7% higher than in May 2020.

A surge in the international prices of vegetable oils, sugar and cereals led the increase in the index to its highest value since September 2011 and only 7.6% below its all-time peak in nominal terms.

The FAO Cereal Price Index increased 6% from April, led by international maize prices, which averaged 89.9% above their value a year earlier.

The FAO Vegetable Oil Price Index gained 7.8% in May, mainly reflecting rising palm, soy and rapeseed oil quotations.

The FAO Sugar Price Index increased by 6.8% from April, due largely to harvest delays and concerns over reduced crop yields in Brazil, even as large export volumes from India contributed to easing the price surge.

The FAO Meat Price Index increased by 2.2% from April, with quotations for all meat types rising due to a faster pace of import purchases by China, as well as rising internal demand for poultry and pig meats in the leading producing regions.

The FAO Dairy Price Index rose by 1.8% in May, averaging 28% above its level of May 2020. The increase was led by solid import demand for skim and whole milk powders, while butter prices declined for the first time in almost a year on increased export supplies from New Zealand.

More like this

FAO Food Price Index inches up

The benchmark for world food commodity prices increased for the third consecutive month in May, as higher prices of cereals and dairy products outweighed decreases in quotations for sugar and vegetable oils, the Food and Agriculture Organization of the United Nations (FAO) reports.

Let's take our hats off to dairy farmers!

It’s World Milk Day today (June 1), a time to celebrate the vital role that milk, and dairy products play in our lives and acknowledge the tremendous contributions of the New Zealand dairy sector.

Featured

Hort industry dishes out awards

Research and healthcare initiatives, leadership and dedication to the sector have been recognised in the 2025 Horticulture Industry Awards.

Manuka honey trader posts sour results

Manuka honey trader Comvita slumped to a $104 million net loss last financial year, reflecting prolonged market disruption, oversupply and pricing volatility.

Poultry industry, Govt sign landmark biosecurity deal

The Government has struck a deal with New Zealand's poultry industry, agreeing how they will jointly prepare for and respond to exotic poultry diseases, including any possible outbreak of high pathogenicity avian influenza (HPAI).

National

Machinery & Products

» Latest Print Issues Online

The Hound

Faking it

OPINION: Demand for red meat is booming, while it seems the heyday of plant-based protein is well past its 'best…

M.I.A.

OPINION: The previous government spent too much during the Covid-19 pandemic, despite warnings from officials, according to a briefing released…

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter