Food prices fall worldwide

 
1,222Views 0Comments Posted 15/02/2024

 

The food price index of the Food Organization of the United Nations (FAO) reveals a downward trend in January, with significant declines in wheat and corn prices worldwide.

Although some products such as rice experienced increases, most reflected a decrease, impacting the overall cost of food.

The food price index stood at 118 points in January, representing a decrease of 1.2 points or the equivalent of -1% about the level registered in December. In addition, the food price indicator was 13.7% below the value it had in January 2023, which reflects a trend towards

By category, the cereal price index stood at 120.1 points, a 2.2% decrease compared to the variation in December.

Cereal prices are even 27.4 points below the January 2023 indicator. The reason is the drop in world wheat prices due to the decrease in exports of this cereal in January.

In the case of corn, the FAO report states that export prices dropped abruptly in January compared to December, due to the improvement in crop conditions and the start of the harvest in Argentina, as well as the greater supply. In the U.S. barley and sorghum were Other cereals that recorded a fall in prices.

The meat price index continued its downward trend, declining 1.4% in January. This is attributed to declining global demand for poultry and pork, as well as abundant supplies of beef.